There was a great quote from the SNOW CFO at the Barclay’s Technology conference (below). I think it really drives home the point JW made about SNOW making companies money, which is more valuable right now than just saving a client money.
Question from Unidentified Analyst:
Yes, the machines are doing it. Yes, okay. No, that’s interesting. On that note in terms if you – with the consumption model, you see all these new clients coming up, how do you think about like the current uncertain macro environment? Because like in theory you would think like – remember you probably attired all these investor calls we had over the summers like consumption model, less economic activity, things come down, but you have so many ramping customers that kind of lead out, they’re like, how do you feel about those, the environment and your goal there?
Answer from Mike Scarpelli (bolding mine):
If I had such a massive market share, I would be more concerned. We are still very much in the growth phase and the early innings of migrations with customers. And what I would say is what you need to be able to do when you have challenging economic times is be able to sell on value. And it’s not just a cost replacement. It’s what the value you are driving. And data is becoming one of the core assets of most companies today. Whether you are a media advertising company or financial institution, getting real-time data and insights into your business is pretty important piece to companies. And we are getting data. There is one large oil and gas company. We sold them $3 million worth of Snowflakes they have consumed. And they themselves have said they see $30 million in value.
Best,
BTL
@laneylawyer
Long SNOW