I'm really unclear on snowflake's valuation along with similar companies in the cloud data space. Why are these companies worth 100x revenue?
It's no harder to get out of Snowflake than it is to get out of any other SQL based RDBMS. If we were relying on the fact that we manage the files in S3 instead of the customer to keep our customers on board, we wouldn't have a business.
I will grant that there's non-ANSI features in Snowflake that our competition don't offer, but it would be weird to describe "have awesome features" as being lock-in.
For the full fiscal 2023, we expect product revenue between $1.88 billion and $1.9 billion, representing year-over-year growth between 65% and 67%.
So growth slowing from 100% yoy, hence shares -20% pre market