2024-11-21XQuote

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Markets are voting machines in the short run & weighing machines in the long run. Sridhar took all the hits this yr but worked like a beast & just reminded the world that $SNOW will be a big winner in the Age of AI. Just one day - but well deserved- congrats to u & team! 🫡🚀

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@Snowflake had a strong Q3, with product revenue coming in at $900M, up 29% year-over-year. Our remaining performance obligations totaled $5.7 billion dollars, with year-over-year growth accelerating to 55%. Given our results this quarter, we are again increasing our product revenue outlook for the year. This quarter was hallmarked by three things: 1️⃣ Our customers are seeing tremendous value from Snowflake: We heard again and again from our customers that Snowflake is the easiest and most cost effective enterprise data platform out there, and that’s why we’re winning new logos and displacing our competition. 2️⃣ Our product development engine continues to accelerate: We launched the same number of Tier 1 features in general availability in Q3 as we did in all of FY24. 3️⃣ We’re creating efficiency with operational rigor: We improved our operating margin, which will enable us to continue to invest in innovation and our go-to-market engine. I’m energized by what’s to come. We’ve made some exciting announcements today that will enable Snowflake to help lead our customers throughout their end-to-end data journey, and we’re looking forward to a strong close to the year. Thank you, Snowflakes, for your hard work to deliver these results.
RamaswmySridhar ↗