Cloud-based data platform operator Snowflake Inc. (SNOW) in San Mateo, Calif., offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data. The company has ridden the tech wave quite well over the past two years, which is evidenced by the solid growth in its topline. The stock debuted in the market in September 2020, marking one of the biggest tech IPOs, and becoming the largest company to double its market cap on opening day.
SNOW benefits from its expanding customer base and has achieved exceptional revenue growth. The company’s product revenue came in at $312.46 million in its fiscal third quarter, ended October 31, representing 110% year-over-year growth. The company has 5,416 customers and 148 customers with trailing 12-month product revenue greater than $1 million.
