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Snowflake Inc. (SNOW+2.26%) Class A has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports revenue of $942.1 million for the quarter, representing a 28% increase from $734.2 million in the same quarter of the previous year. The growth is attributed to increased consumption of the platform by existing customers.
Product revenue accounted for $900.3 million of the total revenue, while professional services and other revenue contributed $41.8 million, showing a 17% increase from the previous year.
The company reported a gross profit of $621.2 million, with a gross margin of 66%, compared to 69% in the same quarter of the previous year.
Operating expenses for the quarter were $986.7 million, up from $765.8 million in the previous year, primarily due to increased sales and marketing, research and development, and general and administrative expenses.
Snowflake reported an operating loss of $365.5 million for the quarter, compared to a loss of $260.6 million in the previous year.
Interest income for the quarter was $48.7 million, while interest expense was $0.7 million. Other expenses, net, amounted to $8.5 million.
The company recorded a net loss of $327.9 million for the quarter, compared to a net loss of $214.7 million in the previous year.
Snowflake's cash, cash equivalents, and investments totaled $5.0 billion as of October 31, 2024.
The company issued $2.3 billion in convertible senior notes during the quarter and repurchased $1.9 billion of its common stock, with $2.0 billion remaining available for future repurchases.
Snowflake continues to focus on expanding its customer base and increasing platform consumption, with a reported net revenue retention rate of 127% as of October 31, 2024.
The filing also highlights risks related to competition, market conditions, and regulatory compliance that could impact future operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Snowflake Inc. Class A quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.