Shares of Snowflake, a data warehouse service on the NYSE, went up by 32.4% after a good quarter. Snowflake beat revenue expectations and kept its customer retention rate steady. The company is focusing on making data work easier and adding AI features like Snowflake Cortex. These efforts are helping Snowflake attract more customers. New products like Snowpark are also contributing to revenue growth. Snowflake reported over 1,000 AI projects in use and 3,200 customers using AI on its platform. This could help Snowflake grow even more. The company also did well financially, with its earnings beating expectations. Snowflake’s guidance for the next quarter is looking positive, and for the whole year, revenue, margins, and profit forecasts have been raised. Snowflake has had some ups and downs in the past year, but this recent quarter was a good one.
Vocabulary List:
- Retention /rɪˈtɛnʃən/ (noun): The continued possession use or control of something.
- Attract /əˈtrækt/ (verb): To cause (someone) to have a liking for or interest in something.
- Contributing /kənˈtrɪbjuːtɪŋ/ (verb): To help to cause or bring about something.
- Expectations /ˌɛkspɛkˈteɪʃənz/ (noun): A belief that something will happen or be the case in the future.
- Guidance /ˈɡaɪdəns/ (noun): Advice or information aimed at resolving a problem or difficulty.
- Financially /faɪˈnænʃəli/ (adverb): In a way that relates to finance or money matters.
