Buoyed by record results of Palantir Technologies, other major tech stocks have come into focus. Among growing companies to invest in, Snowflake Inc is showing promise.
Snowflake Inc. (NYSE: SNOW)
Snowflake Inc. (NYSE: SNOW) has launched an ambitious global initiative, the "One Million Minds + One Platform" program, which aims to train and certify one million students and business professionals on Snowflake's AI Data Cloud by 2029. The company is investing $20 million into this initiative to upskill individuals in high-growth and emerging markets, helping them expand their careers in tech. By offering free training and certification courses, Snowflake aims to empower learners worldwide with the tools to enhance their skills in AI, data, and cloud technologies. This initiative will also provide curriculum resources and credits for users to access Snowflake’s platform, unlocking opportunities for the next generation of business and technology professionals.
In November 2024 Snowflake Inc also announced a multi-year strategic partnership with Anthropic, a leading AI safety and research company. The collaboration will see Anthropic’s cutting-edge Claude 3.5 Sonnet models integrated into Snowflake’s Cortex AI, providing enterprises with advanced AI tools to enhance their applications. With Claude's capabilities, Snowflake will offer a suite of generative AI features, including Snowflake Intelligence and Cortex Analyst, to help businesses improve efficiency, data analysis, and automation. This partnership aims to deliver AI-powered solutions while ensuring that security and governance are maintained within the AI Data Cloud environment.
For the third quarter of fiscal year 2025, Snowflake reported impressive financial results, with total revenue reaching $942.1 million, marking a 28% year-over-year growth. Product revenue specifically was $900.3 million, a 29% increase from the previous year. The company also saw strong retention, with a net revenue retention rate of 127%, signaling the continued satisfaction and expansion of its customer base. Snowflake’s customer base includes 542 clients with trailing 12-month product revenue greater than $1 million and 754 Forbes Global 2000 customers. These figures represent significant year-over-year growth, underlining Snowflake’s strong position in the enterprise data space.
Snowflake is one of the best growth stocks to buy now having issued guidance for the fourth quarter of fiscal 2025, expecting product revenue to be between $906 million and $911 million, reflecting a 23% year-over-year growth. The company’s financial performance continues to be robust, with a remaining performance obligation of $5.7 billion, a 55% increase year-over-year. Snowflake’s platform continues to attract new customers while increasing within existing accounts, helping the company solidify its market position as a leader in enterprise data solutions. The company will announce its fourth Quarter and full fiscal 2025 results on February 26, 2025, which will provide further insights into its continued growth and success.
Source: Company’s Report
Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website www.veye.com.au), and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing this report. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.
