Cloud Stocks: Snowflake Exploring AI For Data Warehousing Capabilities

According to a recent report, the global market for Cloud Data Warehouse is forecast to grow at 16% CAGR to reach $3.5 billion by 2025. San Mateo-based Snowflake (NYSE: SNOW) is a leading player in the market that is focusing on expanding its AI capabilities within the data warehouse space.

Snowflake’s Financials

Snowflake’s fourth-quarter revenues grew 117% to $190.5 million. Product revenues grew 116% to $178.3 million. Remaining performance obligations grew 213% to $1.3 billion. Net revenue retention rate was 168%. For the quarter, Snowflake had 77 customers with a trailing twelve-month revenue of more than $1 million.

GAAP net loss of $198.9 million grew significantly compared to GAAP net loss of $83.3 million a year ago. Non-GAAP net loss per share was $0.70, compared to non-GAAP net loss per share of $1.67 a year ago.

For the full year, revenues grew from $264.7 million a year ago to $592 million. It ended the year with a net loss of $3.81 per share compared with a net loss of $7.77 per share a year ago.

For the first quarter of fiscal 2022, the company expects product revenues of $195-$200 million and product revenues of $1-$1.02 billion for the year.

Snowflake’s Product Enhancements

During the quarter, Snowflake announced a partnership with healthcare data integration and interoperability platform Abacus Insights to provide the healthcare industry with seamless access to data insights at scale. The partnership addresses the healthcare industry’s need for liberating valuable, siloed data as well as unlocking meaningful insights that are able to provide personalized care and improve health outcomes.

Abacus Insights will use Snowflake Data Cloud as the central hub for its data ecosystem, allowing health plan customers with the ability to access, analyze, and visualize their data on Snowflake’s platform. The integrated solution will allow healthcare organizations to achieve interoperability and unlock insights about their businesses and plan members as well as enable rapid access to high-quality data.

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Disclosure: All investors should make their own assessments based on their own research, informed interpretations and risk appetite. This article expresses my own opinions based on my own ...

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