January 29, 2023 By Matthew Rathbone

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 revenue was $1,476,076,000 between Feb 2022 and October 2022 (Q1 2023 -> Q3 2023), compared to $836,000,000 in the same period the prior financial year. An increase of over 76%.
  • At the end of October 2022, Snowflake had 7292 customers, 287 of them paying more than $1,000,000 per year.
  • 81% of Snowflake revenue comes from the Americas, 14% from EMEA (Europe & Middle East) and 5% from APJ (Asia Pacific & Japan)
  • At the end of October 2022, Snowflake had 5547 employees.

Snowflake Revenue

Between the beginning of Feb 2022 and the end of October, Snowflake generated $1,476,076,000 in revenue ($1.47 billion). This represents a year over year growth of over 76%.

Here’s a comprehensive overview of Snowflake Revenue since Q2 2021 (October 2020)

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

Snowflake Customer Statistics

At the end of Q3 2023 (October 2022), Snowflake had 7292 customers. The year prior Snowflake had 5416, representing a yearly growth of over 34%.

Here’s a comprehensive overview of Snowflake customers numbers since Q2 2021 (October 2020)

Financial Quarter Customers
Q2 2021 3117
Q3 2021 3554
Q4 2021 4139
Q1 2022 4532
Q2 2022 4990
Q3 2022 5416
Q4 2022 5944
Q1 2023 6322
Q2 2023 6808
Q3 2023 7292

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).

Here are those numbers broken down by quarter.

Financial Quarter $1mm Customers Percent of customers
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%

Snowflake Revenue by Geographic Region

While Snowflake sells it’s software internationally, 81% 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).

Below are the detailed revenue breakdown statistics by region

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%

How many people work at Snowflake?

At the end of October 2022 (Q3 2023) Snowflake had 5547 employees. Total employees grew from 3557 in October 2021, a yearly increase of 56%.

Financial Quarter Employees
Q2 2021 2037
Q3 2021 2253
Q4 2021 2495
Q1 2022 2931
Q2 2022 3260
Q3 2022 3557
Q4 2022 3992
Q1 2023 4559
Q2 2023 4991
Q3 2023 5547

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 growth trajectory through 2023? Tweet me and let me know @rathboma.

Sources

Snowflake Statistics pulled from the official Snowflake Quarterly Results