Summary by Futu AI
On February 28, 2024, Snowflake Inc., a cloud-based data warehousing company headquartered in Bozeman, Montana, reported its financial results for the fourth quarter and full fiscal year ending January 31, 2024. The company announced a 33% year-over-year growth in product revenue for the quarter, amounting to $738.1 million, and a 38% increase for the full year, totaling $2.67 billion. Snowflake's net revenue retention rate stood at 131%, with 461 customers generating more than $1 million in trailing 12-month product revenue. The company also reported a significant customer base among the Forbes Global 2000 companies, with 691 customers. The remaining performance obligations were reported at $5.2 billion, marking a 41% growth from the previous year. Additionally, Snowflake appointed Emily Ho as the new principal accounting officer. The company's financial outlook for the first quarter of fiscal 2025 projects a product revenue growth of 26-27%, and for the full year, a 22% increase in product revenue with a 29% adjusted free cash flow margin.