Snowflake Inc. Announces Strong Q3 2024 Earnings

On November 29, 2023, Snowflake Inc. held its third-quarter earnings call for fiscal year 2024. At the conference, the company reported significant strides in its financial performance. Frank Slootman, Chairman and CEO, alongside CFO, Mike Scarpelli, and Christian Kleinerman, SVP of Product, highlighted a 34% year-over-year growth in product revenue, reaching $698 million, and non-GAAP adjusted free cash flow of $111 million, reflecting a 7% increase from the previous year.

Conference Highlights

The call emphasized Snowflake's broad global revenue sourced from a variety of industries and geographies, with notable revenue increases from mainstream enterprises. One exciting development detailed by Slootman was the fervor around generative AI and its influence on data strategy, which reaffirms Snowflake's investments in AI-enabling technologies such as the Snowflake Cortex and Snowpark Container Services.

Financial Outlook and Growth

CFO Mike Scarpelli provided insights into the company's exceptional quarter, with large and small customer accounts both contributing to a strong performance. With a focus on sustainable consumption growth, Scarpelli anticipated a positive outlook for Q4 and revised full-year guidance, partly due to stable customer expansion patterns. Looking ahead, Snowflake sees substantial potential in new product capabilities expected to go live in the fourth quarter, which could further stimulate growth and workload expansion for the company.

Snowflake, Earnings, Growth