NYSE$SNOW
Snowflake Inc. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Snowflake's Q3 2023 earnings showcased strong revenue growth and a high net revenue retention rate.
Snowflake reported a strong third quarter in fiscal year 2023, with revenue reaching $557.0 million, representing a 67% year-over-year growth. Product revenue also grew by 67% year-over-year, reaching $522.8 million. The company's remaining performance obligations (RPO) reached $3.0 billion, a 66% year-over-year increase, and the net revenue retention rate was 165%.
- Total revenue reached $557.0 million, representing 67% year-over-year growth.
- Product revenue grew 67% year-over-year to $522.8 million.
- Remaining performance obligations (RPO) increased to $3.0 billion, a 66% year-over-year growth.
- Net revenue retention rate was 165% as of October 31, 2022.
Headline financials
Revenue & EPS history
Snowflake · Revenue · Quarterly
$557M
Revenue by segment
Snowflake · $557M total across 2 segments · Q3 2023
- Product Revenue$523M+67.3%93.8%
- Professional Services & Other$34.3M+55.9%6.2%
Forward guidance
Snowflake provided guidance for the fourth quarter of fiscal year 2023, projecting product revenue between $535 million and $540 million, representing a 49-50% year-over-year growth.
Tailwinds
- Product revenue is expected to be between $535 million and $540 million.
- Year-over-year growth of product revenue is projected to be 49% - 50%.
- Operating income is expected to be 1% of revenue.
- The company anticipates non-GAAP net income for the fourth quarter of fiscal 2023.
- Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted is expected to be 360 million.
Headwinds
- A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to uncertainty regarding future expenses.
- Stock-based compensation-related charges are impacted by the timing of employee stock transactions, future fair market value of common stock, and future hiring and retention needs, all of which are difficult to predict and subject to constant change.
- The company operates in a very competitive and rapidly changing environment, and new risks may emerge from time to time.
- It is not possible to predict all risks, nor can the company assess the impact of all factors on its business.
- Forward-looking statements speak only as of the date the statements are made and are based on information available at the time those statements are made.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2023
+1.9%
Avg return
Earnings day
-0.4%
Avg return
5 days after
-0.9%
Avg return
30 days after
54%
13 / 24 earnings
Positive
+31.6%
Q3 2025
Best reaction
-19.5%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | — | — | — | |
| Q4 2026 | +2.2% | -2.0% | -9.7% | |
| Q3 2026 | -11.4% | -16.0% | -18.2% | |
| Q2 2026 | +20.2% | +16.6% | +12.1% | |
| Q1 2026 | +13.5% | +15.2% | +18.4% | |
| Q4 2025 | +4.5% | +4.5% | -9.4% | |
| Q3 2025 | +31.6% | +31.6% | +27.7% | |
| Q2 2025 | -12.7% | -10.6% | -16.4% | |
| Q1 2025 | -5.0% | -4.0% | -21.5% | |
| Q4 2024 | -19.5% | -24.0% | -30.9% | |
| Q3 2024 | +9.4% | +9.8% | +16.0% | |
| Q2 2024 | -3.2% | -2.5% | -1.9% | |
| Q1 2024 | -15.6% | -14.4% | +1.8% | |
| Q4 2023 | -12.4% | -8.0% | -0.1% | |
| Q3 2023 | +12.8% | -0.7% | +5.1% | |
| Q2 2023 | +28.2% | +21.8% | +12.5% | |
| Q1 2023 | -2.2% | +0.2% | +16.9% | |
| Q4 2022 | -14.9% | -26.7% | -10.8% | |
| Q3 2022 | +5.9% | +0.4% | -0.4% | |
| Q2 2021 | +3.0% | +3.8% | +0.9% | |
| Q2 2022 | +8.5% | +5.9% | +12.5% | |
| Q1 2022 | +6.6% | +3.5% | +7.4% | |
| Q4 2020 | -8.0% | -20.9% | -12.5% | |
| Q4 2021 | -8.0% | -20.9% | -12.5% | |
| Q3 2021 | +11.2% | +27.3% | -7.9% | |
| Q1 2021 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q3 2017 | — | — | — | |
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| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — |
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