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Snowflake Inc. (SNOW) Reports Q2 Earnings: What Key Metrics Have to Say
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For the quarter ended July 2023, Snowflake Inc. (SNOW - Free Report) reported revenue of $674.02 million, up 35.6% over the same period last year. EPS came in at $0.22, compared to $0.01 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $661.75 million, representing a surprise of +1.85%. The company delivered an EPS surprise of +144.44%, with the consensus EPS estimate being $0.09.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Snowflake Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total customers: 8537 versus 8597.55 estimated by four analysts on average.
Remaining performance obligations: $3.50 billion compared to the $3.59 billion average estimate based on four analysts.
Customers with trailing 12-month product revenue greater than $1 million: 402 compared to the 404.5 average estimate based on two analysts.
Product Revenue: $640.21 million versus the eight-analyst average estimate of $622.88 million.
Professional Services Revenue: $33.81 million compared to the $35.99 million average estimate based on eight analysts.
Non-GAAP Gross profit (loss)- Professional services and other: $1.64 million versus $2.41 million estimated by six analysts on average.
Non-GAAP Gross profit (loss)- Product: $498.78 million versus $473.61 million estimated by six analysts on average.
Shares of Snowflake Inc. have returned -14.9% over the past month versus the Zacks S&P 500 composite's -3.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Snowflake Inc. (SNOW) Reports Q2 Earnings: What Key Metrics Have to Say
For the quarter ended July 2023, Snowflake Inc. (SNOW - Free Report) reported revenue of $674.02 million, up 35.6% over the same period last year. EPS came in at $0.22, compared to $0.01 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $661.75 million, representing a surprise of +1.85%. The company delivered an EPS surprise of +144.44%, with the consensus EPS estimate being $0.09.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Snowflake Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Total customers: 8537 versus 8597.55 estimated by four analysts on average.
- Remaining performance obligations: $3.50 billion compared to the $3.59 billion average estimate based on four analysts.
- Customers with trailing 12-month product revenue greater than $1 million: 402 compared to the 404.5 average estimate based on two analysts.
- Product Revenue: $640.21 million versus the eight-analyst average estimate of $622.88 million.
- Professional Services Revenue: $33.81 million compared to the $35.99 million average estimate based on eight analysts.
- Non-GAAP Gross profit (loss)- Professional services and other: $1.64 million versus $2.41 million estimated by six analysts on average.
- Non-GAAP Gross profit (loss)- Product: $498.78 million versus $473.61 million estimated by six analysts on average.
View all Key Company Metrics for Snowflake Inc. here>>>Shares of Snowflake Inc. have returned -14.9% over the past month versus the Zacks S&P 500 composite's -3.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.