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According to a recent report, the Big Data market is projected to grow at 11% CAGR from $162.6 billion in 2021 to $273.4 billion by 2026. San Mateo-based Snowflake (NYSE: SNOW) is a leading data warehouse solution provider that recently announced its quarterly results.

Snowflake’s Financials

Snowflake’s first quarter revenues grew 85% to $422.4 million, ahead of the market’s forecast of $409.62 million. Non-GAAP EPS was $0.01, compared to non-GAAP net loss per share of $0.24 a year ago. It surpassed the market’s forecast of a loss of $0.01 per share.

Product revenues grew 84% to $394.4 million. Remaining performance obligations grew 82% to $2.6 billion. Net revenue retention rate was 174%. For the quarter, Snowflake had 206 customers with a trailing twelve-month revenue of more than $1 million.

For the second quarter of fiscal 2022, the company expects product revenues of $435-$440 million and product revenues of $1.885-$1.900 billion for the year. The market was looking for revenues of $464.02 million in the quarter with an EPS of $0.01 and revenues of $2 billion for the year with an EPS of $0.12.

Snowflake’s Product Enhancements

Recently, Snowflake announced its partnership with Carahsoft, making it an AWS Marketplace Distributor Seller of Record (DSOR) to help streamline the procurement process for public sector agencies who wish to leverage the Snowflake Data Cloud. Snowflake will work with Carahsoft and its resellers to enable public sector agencies to quickly obtain and implement Snowflake’s technology in the AWS Marketplace to easily transform, integrate, and analyze their data. Carahsoft has the ability to authorize any reseller part of the Snowflake Partner Network to transact Snowflake in the AWS Marketplace, reducing lengthy procurement cycles, providing unified billing through AWS, and allowing public sector customers to utilize their existing AWS contract commitments for their Snowflake purchases. It also announced new partnerships with Dell Technologies and Pure Storage. With Dell, joint customers will be able to use on-premise data stored on Dell object storage with the Snowflake data cloud while keeping their data local or seamlessly copying it to public clouds. With Pure Storage, joint customers will be able to work with data stored locally on Pure Storage FlashBlade.

Snowflake’s Streamlit Acquisition

Earlier this year, Snowflake had announced the acquisition of Streamlit, an open-source framework that allows developers and data scientists to build and share data apps quickly and iteratively. During the quarter, it began leveraging the acquisition to enable developers to build apps using their favorite tools with simplified data access and governance. It has already made inroads into the integration and now offers support for unstructured data. Some of the use cases for the new offerings include securely sharing PDF documents in Snowflake Data Marketplace and storing medical images to extract data from them.

Snowflake is currently trading at $141.30 with a market capitalization of $44.9 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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