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The Zacks Consensus Estimate for the top line is currently pegged at $535.81 million, suggesting growth of 60.21% year over year.
The consensus mark for the bottom line is pegged at a loss of 3 cents per share, unchanged over the past 30 days and narrower than the loss of 4 cents reported in the year-ago quarter.
Snowflake’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 150%.
Let’s see how things have shaped up before this announcement.
Factors to Note
Snowflake’s fiscal third-quarter results are expected to benefit from an expanding clientele and strong partner base.
The company reported 36% year-over-year growth in the number of customers, reaching 6,808 in the fiscal second quarter. The company added 12 Forbes Global 2000 customers.
Snowflake signed 15 new customers with $1 million in trailing 12-month product revenues in the reported quarter.
It had 246 customers (with more than $1 million in product revenues), up 112% year over year, in the fiscal second quarter.
Snowflake is also benefiting from a strong partner base that includes the likes of Amazon, Cognizant and Dell Technologies.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Snowflake has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
GIII Apparel is likely to release its fourth-quarter fiscal 2023 results soon. GIII shares have been down 22.2% year to date compared with the Zacks Computer & Technology sector’s decline of 31.2%.
AutoZone (AZO - Free Report) has an Earnings ESP of +2.91% and a Zacks Rank #3. AZO is scheduled to release its first-quarter fiscal 2023 results on Dec 6.
AutoZone shares are up 20% year to date, outperforming the Zacks Computer & Technology sector.
Adobe (ADBE - Free Report) has an Earnings ESP of +0.03% and a Zacks Rank #3. It is likely to release its fourth-quarter fiscal 2022 results soon.
ADBE shares have been down 40.8% year to date, underperforming the Zacks Computer & Technology sector.
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Snowflake (SNOW) to Post Q3 Earnings: What's in the Offing?
Snowflake (SNOW - Free Report) is set to report its third-quarter fiscal 2023 results on Nov 30.
The Zacks Consensus Estimate for the top line is currently pegged at $535.81 million, suggesting growth of 60.21% year over year.
The consensus mark for the bottom line is pegged at a loss of 3 cents per share, unchanged over the past 30 days and narrower than the loss of 4 cents reported in the year-ago quarter.
Snowflake’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 150%.
Snowflake Inc. Price and EPS Surprise
Snowflake Inc. price-eps-surprise | Snowflake Inc. Quote
Let’s see how things have shaped up before this announcement.
Factors to Note
Snowflake’s fiscal third-quarter results are expected to benefit from an expanding clientele and strong partner base.
The company reported 36% year-over-year growth in the number of customers, reaching 6,808 in the fiscal second quarter. The company added 12 Forbes Global 2000 customers.
Snowflake signed 15 new customers with $1 million in trailing 12-month product revenues in the reported quarter.
It had 246 customers (with more than $1 million in product revenues), up 112% year over year, in the fiscal second quarter.
Snowflake is also benefiting from a strong partner base that includes the likes of Amazon, Cognizant and Dell Technologies.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Snowflake has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
GIII Apparel Group (GIII - Free Report) has an Earnings ESP of +0.68% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
GIII Apparel is likely to release its fourth-quarter fiscal 2023 results soon. GIII shares have been down 22.2% year to date compared with the Zacks Computer & Technology sector’s decline of 31.2%.
AutoZone (AZO - Free Report) has an Earnings ESP of +2.91% and a Zacks Rank #3. AZO is scheduled to release its first-quarter fiscal 2023 results on Dec 6.
AutoZone shares are up 20% year to date, outperforming the Zacks Computer & Technology sector.
Adobe (ADBE - Free Report) has an Earnings ESP of +0.03% and a Zacks Rank #3. It is likely to release its fourth-quarter fiscal 2022 results soon.
ADBE shares have been down 40.8% year to date, underperforming the Zacks Computer & Technology sector.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.