Snowflake generates most of its revenue from products/software. For instance, in 2023, almost 94% of its revenue came from product and 6% from professional services. Indeed in 2023, product generated $1.93 billion in revenue, compared to nearly $127 million from professional services.
- Revenue has been increasing over the years, with the highest growth between 2022 and 2023 (an increase of 69.67%).
- The cost of sales has also been increasing, with the highest increase between 2022 and 2023 (an increase of 56.56%).
- The cost of sales is increasing faster than revenue, meaning the company’s expenses are rising faster than its revenue.
- Product revenue has increased dramatically from 2021 to 2023, with a growth rate of 249.26%.
- Professional Services & Other revenue has also increased significantly from 2021 to 2023, with a growth rate of 232.74%.
- The company has experienced strong growth in both its Product and Professional Services & Other revenue streams.
- The number of customers has increased consistently, with the highest growth between 2021 and 2022 (an increase of 43.70%).
- The number of customers with revenue over $1 million has also increased dramatically, with the highest growth between 2022 and 2023 (an increase of 78.26%).
- The company has acquired more customers and grown its business, particularly among its high-value customers.
- This trend suggests that the company effectively serves its market and builds strong customer relationships through a strong and qualified salesforce.
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