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The global Big Data analytics market is predicted to grow 13% annually to reach $655.53 billion by 2029. The expanding use of database across industries and the growing adoption of edge computing is driving the growth in the Big Data market. San Mateo-based Snowflake (NYSE: SNOW) is a leading data warehouse solution provider that recently announced its quarterly results.

Snowflake’s Financials

For the recently reported second quarter, Snowflake’s revenues grew 83% to $497.2 million, ahead of the market’s forecast by 6.7%. Product revenues grew 83% to $466.3 million. Professional Services and other revenues grew 76% to $31 million. Remaining performance obligations grew 78% to $2.7 billion. For the quarter, Snowflake had 246 customers with a trailing twelve-month revenue of more than $1 million.

It ended the quarter with an adjusted EPS of $0.01 per share compared with a loss per share of $0.04 a year ago and surpassed the market’s forecast by 150%.

For the third quarter, the company expects product revenues of $500-$505 million and product revenues of $1.905-$1.915 billion for the year. The market was looking for revenues of $464.02 million and an EPS of $0.01 for the quarter, and revenues of $2 billion for the year with an EPS of $0.12 for the year.

Snowflake’s Product Enhancements

Recently, Snowflake expanded its partnership with Salesforce to personalize customer relationships at scale. The new zero-copy data-sharing innovations will enable customers to unlock more value from their data. This deepening of the partnership will help customers securely collaborate with data in real time between Salesforce Customer Data Platform (CDP) and Snowflake, minimizing the risks, costs associated with traditional sync methods.

Today, consumers want personalized, connected, and trusted engagements and expect vendors to understand their unique needs and expectations. Personalizing these customer relationships requires the ability to build a single source of truth for customer data. To bring enterprise data together, IT teams have traditionally built and maintained complex data pipelines, resulting in multiple copies of data.

The new data-sharing capabilities will allow CDP customers to build segments and surface insights on data from Snowflake and enable a data analyst in Snowflake to write queries that join native Snowflake data with Salesforce Customer Data Platform data. Salesforce and Snowflake admins will be able to have more control and better manage risk and permissions when sharing data. The integration will also leverage Tableau’s visualization capabilities for better management.

Additionally, the company has launched several new products. It released Unistore, a new workload that expands the capabilities of Snowflake Data Cloud to streamline and simplify the development of transactional applications while providing consistent governance, strong performance, and near-unlimited scale to customers. Traditionally, transactional and analytical data have been siloed, hindering the speed required for development. With Unistore, teams are able to expand the Data Cloud to include transactional use cases such as application state and data serving. As a part of Unistore, Snowflake introduced Hybrid Tables, which offer fast single-row operations and allow customers to build transactional business applications directly on Snowflake.

It also released the new Native Application Framework where developers can build applications and monetize them on Snowflake Marketplace. Consumers can securely install and run these applications, directly in their Snowflake instances, reducing the need for data to be moved. Snowflake’s Native Application Framework will accelerate application development by building on Snowflake’s capabilities and security posture so developers in the Data Cloud can focus on functionality. It will allow developers to distribute and monetize their applications to Snowflake’s more than 6,300 customers through Snowflake Marketplace.

Snowflake is currently trading at $173.17 with a market capitalization of $55.4 billion. It hit a 52-week high of $405.00 in November last year and a 52-week low of $110.26 in June.

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