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But the reality is Snowflake is Snowflake is Snowflake. There is really no change in the experience depending on what clouds you are running on.
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2023 Q2
25 Aug 22
by and large, most of our customers are still ramping, moving workloads to us. And we think that is going to continue on average with our customers.
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2023 Q2
25 Aug 22
So, this is why we feel that this is not one of those expenses that people are going to casually cutback on, because it’s strategically compelling and important.
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2023 Q2
25 Aug 22
I would say that Snowflake gets prioritized fairly high inside the enterprise. And the reason is we are sitting right on the intersection of cloud computing, artificial intelligence, machine learning,
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2023 Q2
25 Aug 22
We are adding headcount to support our growth initiatives. Year-to-date, we have added almost 1,000 net new employees. We view the current hiring market as favorable for Snowflake and have not altered our hiring plans for the year.
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2023 Q2
25 Aug 22
For the third quarter, we expect product revenue between $500 million and $505 million, representing year-over-year growth between 60% and 62%. I would like to remind everyone that in Q3 last year, we saw unusual seasonality due to reaccelerated product revenue growth.
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2023 Q2
25 Aug 22
We are monitoring our key business metrics, which we believe are leading indicators of the macro economy impacting our business.
We are not seeing these metrics soften across the customer base.
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2023 Q2
25 Aug 22
but it will remain well above 130% for a very long time.
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2023 Q1
23 Aug 22
So just to be clear, we still are seeing our customers consume their contracted amount well within their contract period. Actually, one of our largest customers who signed a three-year $100 million deal, we've already invoiced them for their third year when we're still in the second year.
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2023 Q1
23 Aug 22
I'll just say, the impact of warehouse scheduling service has been what we planned.
As I mentioned, we had rolled it out already before the end of -- that got rolled out in January, and that had an impact on the quarter, and the impact was what we were expecting.
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2023 Q1
23 Aug 22
When we start a year, roughly 94% of our revenue comes from existing customers.
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2023 Q1
23 Aug 22
We lowered it for specific customers, and we still continue to see, as I've mentioned in the last two and a half weeks, we've seen quite high growth on a daily basis for revenue week-over-week.
So customers are increasing their consumption and in line with what we're forecasting. Yes, I do see some weakness in Europe, but I'm not going to necessarily blame it on the macro.
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2023 Q1
23 Aug 22
Well, I'd say, I think we were probably overly conservative last year.
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2023 Q1
23 Aug 22
With that – which caused us to reset those -- and these are some of our largest customers, $10 million, that we've reset their forecast for the full year
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2023 Q1
23 Aug 22
the slowdown we saw came from some of our highest growth customers that is unique to their businesses is what we saw in April, in particular
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2023 Q1
23 Aug 22
Q1 is always our biggest hiring quarter in sales and marketing
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2023 Q1
23 Aug 22
I'm not aware of a single customer, a significant customer opportunity we're going after where we lost it over pricing -- not a single one.
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2023 Q1
23 Aug 22
in troubled times, that's when people want to access data more to understand what's going on in their business, which is going to drive more Snowflake consumption
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2023 Q1
23 Aug 22
Did the full effect of the warehouse optimizer credit and the AMB upfront shift, did you get the full headwind effect in this quarter? Just curious about that…
Mike Scarpelli
No.
Kash Rangan
…or is there any more left to play out? Okay, okay. Got it.
Mike Scarpelli
No, the Graviton2 was rolled out over a period of time. The warehouse scheduling service was already done and that we have a full impact of that.
Kash Rangan
Got it.
So, which quarter should we expect a maximum headwind and then the weighting of that headwind?
Mike Scarpelli
It's by the end of the year.
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2023 Q1
23 Aug 22
I'm sure there's going to be some customers that are going to underperform. But likewise, there's going to be many customers that overperform. And long-term, none of these customers are moving off of Snowflake and most have plans to do more with Snowflake.
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2023 Q1
23 Aug 22