Operator: Our next question is with Simon Leopold from Raymond James.
Victor Chiu: This is Victor Chiu in for Simon. Previously, your commentary seemed to imply that slowing consumption in a weaker macro environment would be more concentrated around customer groups or verticals. Is that still the case? It seems that that’s still the case. I just want to confirm. And what, I guess, has changed versus your expectations in the past? What kind of trends are you observing that are kind of falling out of what you were expecting previously?
Mike Scarpelli: Well, to be clear, it hasn’t changed that much from what we’ve been expecting all year. And as I said, there are certain verticals that are not performing as well, technology being one of them that we mentioned from where we were six months ago. Financial services doing extremely well and expect that to continue. Actually, we landed a very nice deal in the financial services sector that, that customer will ramp in the second half of next year and will be a meaningful customer, will be a top 10 customer one day. And the other area that, as I mentioned, is doing very, very well, is the whole advertising media space, and a lot of that is driven by our clean room technology and what we’re doing there as well, too.
I would say the only thing that’s really changed this quarter, and it’s a very small piece of our overall revenue is the SMB segment, you’re really seeing a slowdown in consumption by those customers. It’s not going away, but it’s just not growing like it was at the pace of growth. And same with APJ. But the U.S. verticals, large enterprises, doing extremely well.
Victor Chiu : Okay. That’s helpful. And I guess can you just give us an update around some of your new initiatives like Snowpark and unstructured data and just kind of the traction and progress you’re having with those initiatives?
Christian Kleinerman : Christian Kleinerman here. Snowpark saw GA in November 7. And as a percentage of customers that are evaluating the technology, it’s a very healthy rate. The consumption has not yet materialized because they’re planning premigration doing POCs, et cetera, but it’s quite promising. And as Frank mentioned, Streamlit will be in private preview at the beginning of the year, which we also think will have a good number of interesting use cases to our customers.
Operator: Our next question is with Kamil Mielczarek from William Blair.
Kamil Mielczarek : You’ve done a great job growing the sales force this year, the pace of hiring seems to have accelerated in the quarter. Can you talk about where you’re focusing incremental investments? And should we expect these new hires to begin to contribute in fiscal ’24 to revenue? Or will the impact to come in 18 to 24 months, given the time it takes for new customers around?
Mike Scarpelli: Well, we’re very much focused this year on our hiring and our sales force to go into existing markets. We’re not opening many new territories this year, and it’s really to go deeper into core markets, both verticals, North America but in particular, Germany, France and the U.K. as well as Australia and Japan and APJ. And we do believe these people will be contributing to bookings more in the second half of next year. And remember, when a booking comes in, it takes a while before you really start to see meaningful revenue from those customers. Generally, it’s a six-month lag before they really ramp up.
Kamil Mielczarek : That’s helpful. And just a quick follow-up. Can you update us on Python environment? Are you seeing any changes, particularly on the product side?
Mike Scarpelli: Sorry, I didn’t quite get that. Update on what?
Kamil Mielczarek : The competitive environment?
Frank Slootman : It’s Frank. I would say that the competitive dynamic is substantially unchanged. We’re — I think the balance of partnership versus competition shifts marginally from 1 period to the next. I think we’ve set publicly that our partnership with AWS Amazon has been incrementally stronger and less competitive over time and that continues. Microsoft has been healthy and with Google GCP has been about the same. Most of our competitive reality, if you will, is really dominated by the public cloud companies, and that’s been true for as long as we’ve been here.
