Snowflake posts strong financials amid rising demand for next gen tech

Pictured:  Frank Slootman, Snowflake CEO

 

Data cloud specialist Snowflake has posted stellar financial results for its fourth quarter and for its full fiscal year ended January 31, 2021. Revenue for the company’s Q4 was $190.5 million, representing 117% year-over-year growth on the same period last year.

 

“We finished our fiscal year with strong performance and reported triple-digit product revenue growth,” said Snowflake CEO, Frank Slootman. “Remaining performance obligations showed a robust increase year-on-year, reflecting strength in sales across the board. Coupled with this rapid growth, we saw improving operating efficiency while expanding our footprint globally. These results indicate that customers across multiple industries rely on the Snowflake Data Cloud to mobilize their data and enable breakthrough data strategies.”

 

It’s been a good month for other vendors of next generation networking and security solutions. In February, SASE pioneer Cato Networks reported bookings up by over 200% for the fourth year in a row, as well as new business with several Fortune 500 names. At the same time, Cato received additional funding of $207 million over two financing rounds and a valuation of over $1bn.

 

“SASE has become the de facto standard for building the secure network of the digital business, commented Shlomo Kramer, CEO and co-founder of Cato Networks. “Cato strongly benefitted from this trend that accelerated due to the global pandemic. The most demanding enterprises adopted Cato SASE for its simplicity, agility, and scalability, that is unmatched by legacy architectures.”

 

And SentinelOne, which provides a machine learning-based solution for monitoring and securing laptops, phones and containerised applications, received $200 million in Series E funding driving its valuation to $1.1 billion.

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