Q: What is Snowflake (SNOW) Q3 2024 Earnings Call Transcript Summary?
The final result you summarize based on positive and negative content needs to be objective, neutral, and dialectical.
Here are the specific viewpoints from earnings call:
Bullish Points:
1. Q3 product revenue grew 34% year over year to reach 698 million.
2. Non-GAAP adjusted free cash flow was 111 million, representing 70% year-over-year growth.
3. Snowflake added 35 $1 million-plus customers during the quarter.
4. Nine of the top 10 customers grew sequentially.
5. Snowflake has announced and showcased a plethora of new technologies that let customers mobilize AI.
6. Snowflake makes the common AI use cases easy and the advanced use cases possible.
7. 28% of all Snowflake's customers share data, up from 22% a year ago.
8. 73% of Snowflake's $1 million-plus customers are data sharing, up from 67% a year ago.
9. Snowflake continues to win new workloads outside of its traditional scope.
10. Snowpark consumption grew 47% quarter over quarter.
Bearish Points:
1. Snowflake wasn't one of the ten best stocks for investors to buy right now according to Motley Fool Stock Advisor.
2. Snowflake still expects a product gross margin headwind in the fourth quarter associated with new products.
3. The company's sales and marketing headcount remained flat quarter over quarter, which could limit its ability to expand its customer base.
4. The company is expecting a 5% headwind associated with software and hardware improvements.
5. The company's NRR could potentially dip a little more before stabilizing.
6. The impact of the company's new initiatives on its growth next year is still uncertain.
7. The week of Thanksgiving is typically a slow week for consumption.
8. There are still opportunities for improvement in the global sales organization.
9. Optimizations, which can reduce consumption, are a regular part of Snowflake's operations.
10. Selling into Global 2000 companies can be a long process, sometimes taking up to three years.
For more information about Snowflake(SNOW)'s earnings call, you can read the relevant news: Snowflake (SNOW) Q3 2024 Earnings Call Transcript
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