Snowflake Inc (NYSE: SNOW) stock fell as much as 14% after it reported its Q1 results for the fiscal year 2023. The company reported a revenue of $422.4 million and an EPS loss of $0.53. The company’s revenue grew about 85% YOY in the quarter, which ended on April 30. In the prior quarter, revenue grew 101%.

Almost all of Snowflake’s revenue comes from product revenue, which jumped by 84%, compared with 102% in the prior quarter.

SNOW plunged after the data analytics software maker said it doesn’t expect a positive adjusted operating margin for the current quarter.

Highlights
  • Product revenue of $394.4 million in the first quarter, representing 84% year-over-year growth
  • Remaining performance obligations of $2.6 billion, representing 82% year-over-year growth
  • 6,322 total customers
  • Net revenue retention rate of 174%
  • 206 customers with trailing 12-month product revenue greater than $1 million
Snowflake financial highlights infographics
CEO Statement

“During Q1, product revenue grew 84% year-on-year to $394 million dollars. We closed the quarter with a record $181 million of non-GAAP adjusted free cash flow, pairing high growth with improving unit economics and operational efficiency,”

“Snowflake’s strategic focus is to enable every single workload type that needs access to data.”

Frank Slootman, Chairman and CEO, Snowflake
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