Snowflake Inc. (NYSE:SNOW) provides cloud-based data platform in the United States and internationally. The company’s platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data. Its platform is used by various organizations of various sizes in a range of industries. The company was formerly known as Snowflake Computing, Inc. and changed its name to Snowflake Inc. in April 2019. Snowflake Inc. was incorporated in 2012 and is headquartered in San Mateo, California. On May 26, 2021, the company announced that it would become headquarterless, with a principal executive office located in Bozeman, Montana.
Snowflake offers a cloud-based data storage and analytics service, generally termed “data warehouse-as-a-service”. It allows corporate users to store and analyze data using cloud-based hardware and software. Snowflake runs on Amazon S3 since 2014, on Microsoft Azure since 2018 and on the Google Cloud Platform since 2019. The company is credited with reviving the data warehouse industry by building and perfecting a cloud-based data platform. It was able to separate computer data storage from computing before Google, Amazon, and Microsoft.
Many companies are turning to cloud computing services as part of “digital transformation” projects that aim to gain business insights from crunching massive volumes of data. Snowflake’s tools are better at some key tasks, such as letting companies compile, view, analyze and share massive amounts of data in an easy way. Nearly two-fifths of Fortune 500 companies use Snowflake’s software in the cloud as they move away from on-premise data warehousing products from Teradata (TDC), Oracle (ORCL) and IBM (IBM).
At a June 10 analyst day, Snowflake laid out a path to $10 billion in product revenue by fiscal 2029, which coincides with calendar 2028. The $10 billion revenue target would result in a compound annual growth rate of 44%. The company said it expects to increase the number of customers with over $1 million in product revenue. Snowflake also guided to long-term operating margin of 10%-plus, lower than some analysts expected.
Snowflake had 4,532 customers as of April 30, up 67% from the year-earlier period. That includes 187 of the Fortune 500. In the April quarter, Snowflake added a record 27 customers with more than $1 million per year in product revenue, giving it 104 such customers overall.
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