Databricks Says Annual Revenue Jumped 60% to Top $1 Billion (1)

Databricks Inc. said it generated $1 billion in annual revenue and has diversified its business with new products and tools for artificial intelligence.

The closely held software maker, which in August effectively forecast the $1 billion goal, saw sales jump more than 60% in the fiscal year ended in January. Its data warehousing product, Databricks SQL, which competes with Snowflake Inc., passed $100 million in annualized recurring revenue in April, according to a spokesperson. Those figures haven’t previously been disclosed.

Databricks is “the fastest-growing software company according to our records,” Chief Executive Officer Ali Ghodsi said Tuesday in an ...