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Let’s see how things have shaped up before this announcement.
Factors to Note
Snowflake’s fiscal third-quarter performance is expected to have benefited from an expanding clientele and a strong partner base. Notably, it added more than 400 Snowpark customers and consumption grew roughly 70% on a sequential basis in the fiscal second quarter.
Customers are accessing Snowflake for data science, machine learning (ML) and artificial intelligence (AI).
At the end of the fiscal second quarter, SNOW had 402 customers with trailing 12-month product revenues greater than $1 million (up 62% year over year) and 639 Forbes Global 2000 customers (up 16.6% year over year). Of the Global 2000 customers, 63% are using Snowpark on a weekly basis.
The 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.
The company is also benefiting from a strong partner base that includes the likes of NVIDIA, Microsoft, Amazon, ServiceNow, 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. That’s the exact case here.
Snowflake has an Earnings ESP of +67.33% and a Zacks Rank #2 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few other companies worth considering, as our model shows that these also have the right combination of elements to beat on earnings in their upcoming releases:
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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 2024 results on Nov 29.
The Zacks Consensus Estimate for the top line is pegged at $71.54 million, suggesting year-over-year growth of 27.56%.
The consensus mark for the bottom line is pegged at 16 cents per share, up by a penny over the past 30 days, indicating 45.45% year-over-year growth.
The company’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 244.45%.
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 performance is expected to have benefited from an expanding clientele and a strong partner base. Notably, it added more than 400 Snowpark customers and consumption grew roughly 70% on a sequential basis in the fiscal second quarter.
Customers are accessing Snowflake for data science, machine learning (ML) and artificial intelligence (AI).
At the end of the fiscal second quarter, SNOW had 402 customers with trailing 12-month product revenues greater than $1 million (up 62% year over year) and 639 Forbes Global 2000 customers (up 16.6% year over year). Of the Global 2000 customers, 63% are using Snowpark on a weekly basis.
The 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.
The company is also benefiting from a strong partner base that includes the likes of NVIDIA, Microsoft, Amazon, ServiceNow, 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. That’s the exact case here.
Snowflake has an Earnings ESP of +67.33% and a Zacks Rank #2 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few other companies worth considering, as our model shows that these also have the right combination of elements to beat on earnings in their upcoming releases:
Core & Main (CNM - Free Report) has an Earnings ESP of +3.86% and currently sports a Zacks Rank #1. You can find the complete list of today’s Zacks #1 Rank stocks here.
Core & Main is set to announce third-quarter 2023 results on Dec 5. CNM shares have gained 69.3% year to date.
Bilibili (BILI - Free Report) has an Earnings ESP of +12.5% and a Zacks Rank #2 at present.
Bilibili is set to announce third-quarter 2023 results on Nov 29. BILI’s shares have declined 40.9% year to date.
Veeva Systems (VEEV - Free Report) currently has an Earnings ESP of +1.15% and a Zacks Rank #3.
Veeva Systems is set to announce third-quarter fiscal 2024 results on Dec 6. VEEV shares have returned 9.3% year to date.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.