SNOW - Here's How Much Snowflake Spent on Research and Development Last Quarter
2024-06-02 07:17:00 ET
Snowflake (NYSE: SNOW) created the Data Cloud, which helps organizations unify their data so they can extract valuable insights even when it's stored across different cloud platforms. Data is the lifeblood of the artificial intelligence (AI) revolution, so Snowflake is perfectly positioned to develop the technology for its customers.
Last year, it launched the Cortex AI platform, which features a collection of applications. Snowflake customers can use it to build their own AI software with a combination of their own data and ready-made large language models (LLMs). Plus, it includes pre-built tools like Document AI, which allows businesses to rapidly extract data from unstructured sources like contracts and invoices.
Snowflake spent the past year carefully managing its costs to keep its losses under control, but that isn't easy when it's trying to create new AI products . In fact, during the recent fiscal 2025 first quarter (ended April 30), research and development (R&D) was Snowflake's largest expense:
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Here's How Much Snowflake Spent on Research and Development Last Quarter