<ul><li>Snowflake's growth in the market for larger enterprise customers is hindered by the slow renewal cycle for older on-prem data warehouse and analytics technology, as per Snowflake's veep of finance, Jimmy Sexton.</li><li>In its early years, Snowflake attracted primarily online businesses for growth, but as it shifted toward traditional enterprise clients, it faced delay due to their timetable for updating existing on-premises data warehousing systems.</li><li>Snowflake exceeded Q1 revenue estimates with nearly $1 billion, representing a 26% increase from the previous year. Sexton revealed signing two $100 million+ deals in the financial sector, but mentioned the slow process due to the complexity of migrating on-prem data systems.</li><li>Snowflake faces challenges engaging new customers until it's time to renew their data warehouse and analytics contracts, experiencing dependency on renewal cycles for on-premises data estates, particularly in multi-year professional services engagements and cumbersome migration projects.</li></ul>

Snowflake finance veep says big corps migrate at a glacial pace

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