Here is a summary of Snowflake Inc.'s Q1 2024 earnings call, which took place on May 24:
- Snowflake's Q1 fiscal year 2024 product revenue grew 50%, totaling $590 million.
- The net revenue retention rate reached 151%, and remaining performance obligations came in at $3.4 billion, up 31% year-on-year.
- Snowflake aims to enable enterprises to benefit from customizing generative AI with their own data.
- Snowflake continues to grow its use cases for machine learning, data science, and AI, with more than 1,500 customers leveraging Snowflake for one of these workloads, up 91% year-over-year.
- For Q2, Snowflake expects product revenues between $620 million and $625 million, representing YoY growth between 33% and 34%.
- Snowflake expects product revenues of approximately $2.6 billion for the full year fiscal 2024, representing YoY growth of approximately 34%.
- Snowflake's acquisition of Neeva could help expand its capabilities into application platforms and bring computation closer to data.
- Snowflake is interested in expanding its reach in supply chain management.
- Snowflake is focusing on mobilizing the world's data through search and chat capabilities that generate code to answer questions.
- Snowflake's pricing is stable despite customer focus on cost savings.
This is an AI generated summary. There may be inaccuracies.
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