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The Zacks Consensus Estimate for the top line is currently pegged at $661.75 million, suggesting growth of 33.08% year over year.
The consensus mark for the bottom line is pegged at 8 cents per share, unchanged over the past 30 days. Snowflake reported earnings of 1 cent per share in the year-ago quarter.
The company’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 245.84%.
Let’s see how things have shaped up before this announcement.
Factors to Note
Snowflake’s fiscal second-quarter results are expected to benefit from an expanding clientele and strong partner base. It had 373 customers (with more than $1 million in product revenues) in the fiscal first quarter.
Customers are accessing Snowflake for data science, machine learning (ML) and artificial intelligence (AI). More than 1500 customers used Snowflake for one of these workloads in the fiscal first quarter, which indicated a jump of 91% year over year.
Growing adoption of Snowpark by data scientists and engineers is expected to have aided the company’s top-line growth in the to-be-reported quarter. Snowflake has been expanding its ML footprint with the introduction of ML-powered SQL extensions, such as anomaly detection, top insights, and time series forecasting, which are useful for analysts.
Snowflake is also benefiting from a strong partner base that includes the likes of NVIDIA (NVDA - Free Report) , Microsoft (MSFT - Free Report) , Amazon, ServiceNow, Cognizant and Dell Technologies.
During the to-be-reported quarter, Snowflake partnered with NVIDIA to help organizations harness their data to create their own generative AI assistant. Under the partnership, NVIDIA’s NeMo platform, which is used for developing large language models (LLMs), will be integrated with Snowflake Data Cloud.
The partnership will enable more than 8,000 Snowflake Data Cloud customers across industries, including financial institutions, healthcare, media, manufacturing, telecom and retail, to build a custom generative AI assistant.
Snowflake extended its partnership with Microsoft to offer new product integrations for AI, low code/no code development and data governance. Snowflake will integrate with Microsoft's generative AI and LLM services to enable customers to use the latest AI models and frameworks.
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 this 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:
NVDA is scheduled to release its second-quarter fiscal 2024 results on Aug 23. NVIDIA shares have gained 196.6% year to date compared with the Zacks Computer & Technology sector’s return of 33.7%.
Workday (WDAY - Free Report) currently has an Earnings ESP of +2.01% and a Zacks Rank #1.
WDAY shares have gained 33.9% year to date, outperforming the Zacks Computer & Technology sector over the same timeframe. Workday is set to report its second-quarter fiscal 2024 results on Aug 24.
Image: Bigstock
Snowflake (SNOW) to Post Q2 Earnings: What's in the Offing?
Snowflake (SNOW - Free Report) is set to report its second-quarter fiscal 2024 results on Aug 23.
The Zacks Consensus Estimate for the top line is currently pegged at $661.75 million, suggesting growth of 33.08% year over year.
The consensus mark for the bottom line is pegged at 8 cents per share, unchanged over the past 30 days. Snowflake reported earnings of 1 cent per share in the year-ago quarter.
The company’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 245.84%.
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 second-quarter results are expected to benefit from an expanding clientele and strong partner base. It had 373 customers (with more than $1 million in product revenues) in the fiscal first quarter.
Customers are accessing Snowflake for data science, machine learning (ML) and artificial intelligence (AI). More than 1500 customers used Snowflake for one of these workloads in the fiscal first quarter, which indicated a jump of 91% year over year.
Growing adoption of Snowpark by data scientists and engineers is expected to have aided the company’s top-line growth in the to-be-reported quarter. Snowflake has been expanding its ML footprint with the introduction of ML-powered SQL extensions, such as anomaly detection, top insights, and time series forecasting, which are useful for analysts.
Snowflake is also benefiting from a strong partner base that includes the likes of NVIDIA (NVDA - Free Report) , Microsoft (MSFT - Free Report) , Amazon, ServiceNow, Cognizant and Dell Technologies.
During the to-be-reported quarter, Snowflake partnered with NVIDIA to help organizations harness their data to create their own generative AI assistant. Under the partnership, NVIDIA’s NeMo platform, which is used for developing large language models (LLMs), will be integrated with Snowflake Data Cloud.
The partnership will enable more than 8,000 Snowflake Data Cloud customers across industries, including financial institutions, healthcare, media, manufacturing, telecom and retail, to build a custom generative AI assistant.
Snowflake extended its partnership with Microsoft to offer new product integrations for AI, low code/no code development and data governance. Snowflake will integrate with Microsoft's generative AI and LLM services to enable customers to use the latest AI models and frameworks.
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 this 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:
NVIDIA has an Earnings ESP of +2.39% and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVDA is scheduled to release its second-quarter fiscal 2024 results on Aug 23. NVIDIA shares have gained 196.6% year to date compared with the Zacks Computer & Technology sector’s return of 33.7%.
Workday (WDAY - Free Report) currently has an Earnings ESP of +2.01% and a Zacks Rank #1.
WDAY shares have gained 33.9% year to date, outperforming the Zacks Computer & Technology sector over the same timeframe. Workday is set to report its second-quarter fiscal 2024 results on Aug 24.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.