Snowflake Introduction
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Snowflake is a cloud-based data warehousing company founded in 2012. It raised over $1.4 billion in funding before going public in September 2020 at a valuation of $33.3 billion.
Snowflake’s unique architecture allows customers to separate storage and compute, resulting in a highly scalable and cost-effective solution for data warehousing. The company’s platform has quickly gained popularity among organizations of all sizes, and it has attracted a number of high-profile customers, including Adobe, GE, and Salesforce.
Today, Snowflake serves more than 7000 customers, including over 280 who pay more than $1,000,000 per year.
From revenue to employee counts, here are the key metrics for Snowflake.
Snowflake Financial Year Period
Snowflake financial years run Feb 1 through Jan 31 of the following year.
So the Snowflake 2023 Financial Year is Feb 2022 through January 2023.
- Q1 - February through April
- Q2 - May through July
- Q3 - August through October
- Q4 - November through January
Snowflake Key Stats
- Snowflake Q4 2023 revenue was $589,012,000.
- This is an increase of 57% year over year from Q4 2022 revenue of $374,000,000
- At the end of Q4 2023, Snowflake had 7820 customers, 330 of them paying more than $1,000,000 per year.
- 81% of Snowflake revenue comes from the Americas, 15% from EMEA (Europe & Middle East) and 4% from APJ (Asia Pacific & Japan)
- At the end of October 2022, Snowflake had 5884 employees.
Snowflake Revenue
In Q4 2023 Snowflake generated $555,329,000 in product revenue and $33,683,000 in services/other revenue.
| Financial Quarter | Product | Services & Other |
|---|---|---|
| Q2 2021 | $125,000,000 | $8,000,000 |
| Q3 2021 | $148,000,000 | $11,000,000 |
| Q4 2021 | $178,000,000 | $12,000,000 |
| Q1 2022 | $214,000,000 | $15,000,000 |
| Q2 2022 | $255,000,000 | $18,000,000 |
| Q3 2022 | $312,000,000 | $22,000,000 |
| Q4 2022 | $360,000,000 | $24,000,000 |
| Q1 2023 | $394,000,000 | $28,000,000 |
| Q2 2023 | $466,000,000 | $31,000,000 |
| Q3 2023 | $522,800,000 | $34,276,000 |
| Q4 2023 | $555,329,000 | $33,683,000 |
Snowflake Customer Statistics
At the end of Q4 2023 (October 2022), Snowflake had 7820 customers. The year prior Snowflake had 5944, representing a yearly growth of over 31%.
Here’s a comprehensive overview of Snowflake customers numbers since Q2 2021 (October 2020)
| Financial Quarter | # Customers |
|---|---|
| Q2 2021 | 3,117 |
| Q3 2021 | 3,554 |
| Q4 2021 | 4,139 |
| Q1 2022 | 4,532 |
| Q2 2022 | 4,990 |
| Q3 2022 | 5,416 |
| Q4 2022 | 5,944 |
| Q1 2023 | 6,322 |
| Q2 2023 | 6,808 |
| Q3 2023 | 7,292 |
| Q4 2023 | 7,820 |
Snowflake Customers Paying over $1mm Annually
Of the 7292 customers at the end of October 2022 (Q3 2023), 287 are paying Snowflake over $1,000,000 ($1 million) per year, that’s around 3.9% of the customer base, compared to only 2.7% in October 2021 (Q3 2022).
| Financial Quarter | $1mm Customers | Percentage (%) |
|---|---|---|
| Q2 2021 | 56 | 1.8% |
| Q3 2021 | 65 | 1.8% |
| Q4 2021 | 77 | 1.9% |
| Q1 2022 | 104 | 2.3% |
| Q2 2022 | 116 | 2.3% |
| Q3 2022 | 148 | 2.7% |
| Q4 2022 | 184 | 3.1% |
| Q1 2023 | 206 | 3.3% |
| Q2 2023 | 246 | 3.6% |
| Q3 2023 | 287 | 3.9% |
| Q4 2023 | 330 | 4.2% |
Snowflake Revenue by Geographic Region
While Snowflake sells it’s software internationally, 81% of sales came from the Americas in Q3 2023 (ending October 2022), compared to 14% from EMEA (Europe & Middle East), and 5% from APJ (Asia Pacific & Japan).
| Financial Quarter | Americas | EMEA | APJ |
|---|---|---|---|
| Q2 2021 | 87.0% | 10.0% | 3.0% |
| Q3 2021 | 86.0% | 11.0% | 3.0% |
| Q4 2021 | 85.0% | 12.0% | 3.0% |
| Q1 2022 | 84.0% | 13.0% | 3.0% |
| Q2 2022 | 83.0% | 14.0% | 3.0% |
| Q3 2022 | 82.0% | 14.0% | 4.0% |
| Q4 2022 | 82.0% | 14.0% | 4.0% |
| Q1 2023 | 82.0% | 14.0% | 4.0% |
| Q2 2023 | 81.0% | 14.0% | 5.0% |
| Q3 2023 | 81.0% | 14.0% | 5.0% |
| Q4 2023 | 81.0% | 15.0% | 4.0% |
How many people work at Snowflake?
At the end of Q4 2023 Snowflake had 5884 employees. Total employees grew from 3992 in Q4 2022, an increase of 47.4%.
| Financial Quarter | Employees |
|---|---|
| Q2 2021 | 2,037 |
| Q3 2021 | 2,253 |
| Q4 2021 | 2,495 |
| Q1 2022 | 2,931 |
| Q2 2022 | 3,260 |
| Q3 2022 | 3,557 |
| Q4 2022 | 3,992 |
| Q1 2023 | 4,559 |
| Q2 2023 | 4,991 |
| Q3 2023 | 5,547 |
| Q4 2023 | 5,884 |
Conclusion
That’s it for my top Snowflake statistics. Hopefully this information can be useful to you.
Now I want to hear from you – do you think Snowflake can maintain their current trajectory in the future? Tweet me and let me know @rathboma.
Sources
Snowflake Statistics pulled from the official Snowflake Quarterly Results
