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Snowflake (SNOW) investor relations material
Snowflake UBS’s 2025 Global Technology and AI Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.UBS’s 2025 Global Technology and AI Conference summary4 Dec, 2025
Product innovation and AI integration
Focused on accelerating product velocity and global go-to-market execution, with notable success in launching Snowflake Intelligence and integrating acquired technologies like Datavolo into OpenFlow.
Emphasized the importance of high-quality, accessible data for AI-driven transformation and automation, positioning Snowflake as an AI-ready platform.
Introduced Gen 2 warehouse for improved query performance at price neutrality, and Cortex Code, an AI-driven data agent to simplify complex tasks and migrations.
AI is expected to significantly accelerate migration activities and product development, with ongoing projects to leverage AI for faster, safer data operations.
Partnerships with SaaS vendors like Salesforce, ServiceNow, SAP, and Workday enable deeper data integration and analytics, fostering a non-zero-sum ecosystem.
Market trends and customer demand
Noted a surge in cloud data migration, especially among financial services and telco clients, with migration activity showing quarterly variability but strong overall growth.
Demand is driven by the need for AI-ready data platforms, with customers seeking both cloud migration and data mesh strategies; Snowflake benefits from both approaches.
Interactive analytics is a new focus, with sub-200ms query latency targeted to support high-performance, low-latency use cases.
The shift from on-prem to cloud is attributed to better value creation, flexibility, and the ability to leverage advanced analytics and AI.
Industry-wide, SaaS vendors are moving into the data space, but Snowflake's analytics and integration capabilities remain a competitive advantage.
Financial performance and outlook
Reported 29% year-over-year revenue growth, with full-year guidance raised by $51 million due to strong migration trends and customer behavior.
Revenue growth is inherently lumpy due to the consumption model, but the company aims to maintain growth near the 30% mark.
Margin improvement is a focus, with efforts to drive efficiency through AI and operational accountability, aiming for responsible growth.
AI-driven efficiencies are expected to enhance both product performance and internal operations, supporting long-term profitability.
New partnerships and product features are anticipated to further expand the addressable market and support continued growth.
How to match OpenAI/Anthropic product speed?
AI's impact on migration activity acceleration?
How will AI drive EBIT margin improvement?
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Frequently asked questions
Offering cloud-based warehousing solutions
Snowflake Inc is an American technology company that builds data warehousing solutions. Their cloud-based solutions enable their customers to store and analyze their data with their analytics tools. Their platform includes data engineering, a data lake, a data warehouse, data science, data applications, and data sharing. The company was founded in 2012 and is headquartered in Bozeman, Montana.
Founders with an eye for the future of data
The company was founded in 2012 by Benoit Dageville, Thierry Cruanes, and Marcin Zukowski that all three were experts in data warehousing, with the two former previous working at Oracle. Dageville and Cruanes realized that data warehouses were struggling but concluded that they wouldn’t die out but rather needed to adapt to the era of big data. Bob Muglia, former Microsoft executive, bevame the CEO in 2014. The current CEO Frank Slootman was appointed in 2019 when he had previously retired from the technology company ServiceNow.
Not a SaaS business
Contrary to popular belief, Snowflake isn’t a traditional Software-as-a-Service (SaaS) company. Many traditional companies nowadays operate under a subscription model meaning the customer needs to choose a tier or a package based on anticipated needs in the future. Snowflake instead operates under a consumption model. Meaning customer only pays for what they need. At the same time, revenue is recognized when consumption occurs. As of January 2022, 93 percent of the revenue was consumption-based. Its product revenue category consists of computing, storage, and data transfer services. It’s the majority of its revenue. Customers can also stop their billing when no queries are running and so on, making them only charge for what they use.
The record-breaking IPO
Snowflake was listed on the New York Stock Exchange on September 16, 2020. At this point in time, it was the largest software IPO ever made. The company's share prices doubled on its first day of trading, breaking another record. Prior investors to the IPO include Salesforce, Sequoia, and Sutter Hill Ventures. Perhaps a more remarkable investor in the IPO was Warren Buffet’s Berkshire Hathaway. This was his first investment in a newly public U.S. company since Ford did its IPO in 1956. Due to the sharp rise in share price on its IPO day, Buffet made more than $800 million in profit on the investment in Snowflake’s IPO.
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