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Snowflake Financial Results Q1 Fiscal 2025 | Earnings & Revenue Report

Snowflake Financial Results

Snowflake (SNOW) Q1 2025 Earnings Call Transcript

"These are in the early days of revenue contribution, but we're seeing very healthy demand. More than 50% of customers are using Snowpark as of Q1. Revenue from Snowpark is driven by Spark migrations. In Q1, we began the process of migrating several large Global 2000 customers to Snowpark.

Our collaboration capability is also a key competitive advantage for us. Nearly a third of our customers are sharing data products as of Q1 2025, up from 24% one year ago. Collaboration already serves as a vehicle for new customer acquisition. Through a strategic collaboration with Fiserv, Snowflake was chosen by more than 20 Fiserv financial institutions and merchant clients to enable secure direct access to their financial data and insights.

We announced support for unstructured data over two years ago. Now, about 40% of our customers are processing unstructured data on Snowflake. And we've added more than 1,000 customers in this category over the last six months. Iceberg is enabling us to play offense and address a larger data footprint.

Many of our larger customers have indicated that they will now leverage Snowflake for more workloads as a result of this functionality. More than 300 customers are using Iceberg in public preview. Snowflake has a powerful and unique partner ecosystem. Part of our success is that we have many partners that amplify the power of our platform.

They range from big organizations like EY and Deloitte, but also firms like LTIMindtree and Next Pathway. S&P Global sees us as a strong collaborator in their cloud distribution model. And companies like Observe, Blue Yonder, RelationalAI, Fivetran, Hex, and Domo have built their software on top of Snowflake. These partners bring on entirely new capabilities and unlock new use cases for us and our customers.

They also often bring new customers to us. And they really care about how easy it is to build on Snowflake, how reliable Snowflake is, and also about how we can go to customers jointly. Partners bring enormous power to our data cloud vision. Their success creates success for us and our customers.

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To wrap it up, Snowflake is the world's best enterprise AI data platform. Combined with our collaboration capability and thriving application platform, we are driving powerful network effects that will fuel our growth. AI vastly amplifies this opportunity both in the near and medium terms. Our product philosophy is simple, one platform with all features available.

We're turning every analyst and data engineer into a sophisticated AI analyst. The magic of Snowflake is that we make difficult tasks easy. Stay tuned for more to come at Snowflake Data Cloud Summit coming up in San Francisco, June 3rd through the 6th. I look forward to seeing you all there." — Sridhar Ramaswamy, Chief Executive Officer, Snowflake

      | View the full transcript here: https://www.fool.com/earnings/call-transcripts/2024/05/23/snowflake-snow-q1-2025-earnings-call-transcript/

About Next Pathway

Next Pathway is the Automated Cloud Migration company. Powered by Crawler360 and SHIFT Cloud, Next Pathway automates the end-to-end challenges companies experience when migrating applications to the cloud. For more information, please visit nextpathway.com.

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