Snowflake Inc. (SNOW) stock plummeted 22.08% in the after-market trading session at the price of $206.25 after it entered a definitive deal to acquire Streamlit.
SNOW facilitates each organization to mobilize data with the company’s Data Cloud. Clients employ Data Cloud to link siloed data, execute various analytic workloads, and securely share data.
SNOW Acquired Streamlit
On 2nd March 2022, SNOW announced signing a definitive deal to acquire Streamlit. As part of this strategic transaction, both parties will join hands to explore the potential of data and make it better to create captivating applications. The closure of the transaction is subject to the receipt of mandated regulatory approvals and customary closing conditions.
Jointly, both firms will provide developers with simplified data access and governance to construct apps using the tools of their choice. Streamlit customers will benefit from greater access to authorized and protected data to power their data applications. Snowflake clients will leverage the app development framework of Streamlit to unlock data with the SNOW data cloud.
Streamlit’s framework facilitates data scientists and developers to devise data apps without being a specialist in front-end development. Streamlit has near 8 million downloads, and above 1.5 million data applications have been created using this framework.
SNOW Q4 2021 Financial Summary
On 2nd March 2022, SNOW reported its financial results for Q4 and the full fiscal year ended 31st January 2022. Revenue totaled $383.8M for Q4 of 2021, a year-over-year gain of 101%. For Q4 of 2022, product revenue was $359.6M. It represents a surge of 102% year-over-year. The company has a revenue retention rate of 178% on 31st January 2022.
CEO of SNOW, Frank Slootman, commented that they ended fiscal 2022 with record bookings and consumption results and higher product revenue growth. SNOW has a total of $2.6B remaining performance obligations, a year-on-year gain of 99%. Their revenue retention rate was 178%, propelled by steady growth from their increased client base.