Welcome to our dedicated page for Snowflake news (Ticker: SNOW), a resource for investors and traders seeking the latest updates and insights on Snowflake stock.
Snowflake Inc., founded in 2012, is a pioneering company in the realm of cloud-based data warehousing and analytics. Based in Silicon Valley, the company set out to revolutionize the data warehouse and succeeded by creating a unified cloud service that integrates all users, data, and workloads. Snowflake's innovative solutions make data storage, processing, and sharing seamless, enabling enterprises to gain valuable insights from their data efficiently.
With its data lake technology, Snowflake stores unstructured and semi-structured data, which can be analyzed and transformed into actionable insights within its powerful data warehouse. The company’s data sharing capability stands out, allowing businesses to buy and integrate data almost instantly, compared to traditional methods that take months.
Snowflake serves over 3,000 customers, including nearly 30% of the Fortune 500 companies. It supports multiple public clouds, ensuring flexibility and scalability for diverse business needs. The company went public in 2020, marking a significant milestone in its journey.
Backed by leading venture capital firms such as Redpoint Ventures, Sutter Hill Ventures, and Wing Ventures, Snowflake boasts a team of experts with over 120 patents in database architecture, query optimization, and parallelization. The company continuously seeks top talent in various fields including distributed systems engineering, database engineering, user interface, user experience, quality assurance, technical support, and technical writing.
Snowflake's commitment to innovation and excellence has positioned it at the forefront of the data warehousing industry, making it a key player for businesses seeking cutting-edge data solutions.
Snowflake has achieved the HITRUST Risk-based, 2-year Certification, enhancing its commitment to data security in the healthcare sector. This certification signifies that Snowflake meets vital regulations for managing healthcare data, placing it among elite organizations worldwide. The company's expanded scope includes federal and state standards, providing a robust framework for data protection. Additionally, Snowflake joins the HITRUST Shared Responsibility Program, offering clients access to over 400 inheritable controls. This initiative streamlines risk management and underscores Snowflake's position as a trusted partner in healthcare data.
Blend Labs, Inc. (NYSE: BLND) has appointed tech veteran Dean Klinger as its new Head of Revenue. Klinger, with over 25 years of experience, previously held senior roles at Snowflake (NYSE: SNOW) and ServiceNow (NYSE: NOW). Reporting to Nima Ghamsari, Klinger will manage the customer journey as Blend strengthens its position in mortgage and consumer banking sectors. Ghamsari expressed confidence in Klinger’s ability to drive the company's vision forward, leveraging his extensive background in cloud banking software.
Snowflake (NYSE: SNOW) reported strong financial results for Q2 FY2023, with product revenue of $466.3 million, marking an 83% year-over-year growth. The company boasts a net revenue retention rate of 171% and remaining performance obligations of $2.7 billion, reflecting a 78% increase year-over-year. Snowflake serves 6,808 customers, including 246 generating over $1 million in trailing product revenue. The company projects third-quarter product revenue between $500 to $505 million, representing a 60-62% growth.
Snowflake (NYSE: SNOW) announces its executives will participate in three investor conferences this fall. CFO Mike Scarpelli will feature at Deutsche Bank's Technology Conference on August 31 in Las Vegas and at the Piper Sandler Growth Frontiers Conference on September 13 in Nashville. CEO Frank Slootman is set for the Goldman Sachs Communacopia + Technology Conference on September 13 in San Francisco. Additionally, the Investor Relations team will also attend group meetings at Citi’s Global Technology Conference and Evercore ISI Technology Conference in New York City on September 7 and 8, respectively.
Snowflake, a leading Data Cloud company, is set to announce its financial results for the second quarter of fiscal year 2023, ending July 31, 2022. The announcement will occur post-market close on August 24, 2022. A conference call to discuss these results will take place at 3 p.m. Mountain Time on the same day, with participation options for both U.S. and international callers. Snowflake’s Data Cloud empowers organizations to manage their data effectively, with a notable user base that includes 506 of the Forbes Global 2000 as of April 2022.
Snowflake's fourth-annual Snowflake Summit 2022 took place from June 13-16 in Las Vegas, attracting nearly 9,000 in-person attendees and over 11,500 virtual participants. This year marked the largest conference to date, featuring 275+ sessions and key innovations like the Unistore Workload and Native Application Framework, enhancing transactional and analytical capabilities. The event highlighted Snowflake's commitment to customer-centricity with a Net Promoter Score of 72, far exceeding the industry average.
Snowflake (NYSE: SNOW) has launched Unistore at the Snowflake Summit 2022, enhancing its platform to merge transactional and analytical data. This new workload allows teams to develop transactional applications with improved governance, performance, and scalability. Hybrid Tables, currently in private preview, support fast operations and join with Snowflake tables. Early adopters like Adobe are leveraging Unistore for better campaign management, achieving a 50x improvement in delivery preparation time.
Snowflake (NYSE: SNOW) has launched its Native Application Framework at the Snowflake Summit 2022, designed to enable developers to build and monetize data-intensive applications within the Data Cloud. The framework supports functionalities like stored procedures and user-defined functions, facilitating seamless application integration for over 6,300 customers. Companies like Capital One and Informatica are already utilizing this framework to enhance application development. Customers can quickly discover and securely use applications directly in their Snowflake instances, improving data governance.
Snowflake (NYSE: SNOW) has launched Snowpark for Python in public preview, enhancing programmability for data scientists and developers. The new features improve data access and application development within the Data Cloud. Key innovations include support for streaming data, integration with Streamlit, and tools for machine learning. Notable clients like Allegis Group utilize these advancements to enhance their data capabilities. As a result, Snowflake strengthens its position in the competitive data market.
Snowflake (NYSE: SNOW) announced the winners of its fourth annual Data Drivers Awards, recognizing innovators who leverage the Snowflake Data Cloud. Key winners include AT&T, awarded Data Driver of the Year, and IQVIA, honored for Data for Good. This annual event highlights exceptional use of data analytics across industries, showcasing how leaders drive value and enhance operations via data collaboration. The awards reflect Snowflake's commitment to empowering organizations to transform their data strategies, ultimately fostering growth and innovation.
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