Snowflake rakes in $1.2 billion revenue for fiscal 2022, $383 million for Q4

Snowflake reported better-than-expected fourth quarter results as product revenue grew 102% compared to last year. 

The cloud data company reported fourth quarter revenue of $383.8 million, up 101% from a year ago, with a net loss of $132.1 million, or 43 cents a share. 

Wall Street was expecting Snowflake to report fourth quarter revenue of $371.89 million. 

For the full fiscal year 2022, the company reported a revenue of $1.219 billion, with $1.14 billion coming from product revenue. 

Snowflake said it ended the quarter with 5,944 total customers, including 184 customers with trailing 12-month product revenue greater than $1 million.

“Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth,” said Frank Slootman, CEO of Snowflake. “Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%. Our net revenue retention rate reached 178% driven by continued growth from our largest customers.”

Also: Snowflake to support Python natively in its Snowpark developer platform

For the first quarter of fiscal year 2023, Snowflake is projecting product revenue of $383 million to $388 million, up 79% to 81% from fiscal year 2022. Snowflake is also projecting product revenue for fiscal year 2023 between $1.88 billion and $1.9 billion, up 65% to 67% from the prior year.