Snowflake beats by $0.05, beats on revs, product revenue up 29% yr/yr; Issues Q4 product revenue guidance of $906-$911 mln and also agrees to acquire Datavolo
- Reports Q3 (Oct) earnings of $0.20 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.15; revenues rose 28.3% year/year to $942.1 mln vs the $899.31 mln FactSet Consensus.
- Product revenue of $900.3 million in the third quarter, representing 29% year-over-year growth.
- Net revenue retention rate of 127%.
- 542 customers with trailing 12-month product revenue greater than $1 million.
- Agrees to Acquire Datavolo: Co also announces it has signed a definitive agreement to acquire Datavolo, the company built to rapidly accelerate the creation, management, and observability of multimodal data pipelines for enterprise AI1. With this acquisition, Snowflake will deepen its service in the 'bronze layer' of the data lifecycle and will deliver a simple way for data engineering teams to integrate all of their enterprise systems with Snowflake's unified platform, where they can then unlock data for AI and ML, apps and analytics, and leverage the scale, performance, and built-in governance of the AI Data Cloud. Together, Datavolo and Snowflake will both simplify data engineering workloads and deliver unmatched data interoperability and extensibility - a building block for effective enterprise AI.
- Q4 Outlook: Guides for product revenue of $906-$911 mln and non-GAAP operating margin of 4%.
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