For the fourth quarter, Snowflake is projecting product revenue of $345 million to $350 million, up 94% to 96% from a year ago. For fiscal 2022, Snowflake is projecting product revenue between $1.126 billion and $1.131 billion, up 103% to 104% from the prior year.
Snowflake has been putting up strong growth with what the company calls a non-SaaS model. For instance, 93% of its revenue is consumption-based and revenue is only recognized when consumption occurs. Contract durations are increasing with annual billion.