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Snowflake Inc. (SNOW) Reports Q3 Earnings: What Key Metrics Have to Say
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For the quarter ended October 2023, Snowflake Inc. (SNOW - Free Report) reported revenue of $734.17 million, up 31.8% over the same period last year. EPS came in at $0.25, compared to $0.11 in the year-ago quarter.
The reported revenue represents a surprise of +3.33% over the Zacks Consensus Estimate of $710.54 million. With the consensus EPS estimate being $0.15, the EPS surprise was +66.67%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
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:
Remaining performance obligations: $3.70 billion versus $3.74 billion estimated by three analysts on average.
Customers with trailing 12-month product revenue greater than $1 million: 436 versus 436 estimated by two analysts on average.
Revenue- Product revenue: $698.48 million versus the 10-analyst average estimate of $673.11 million.
Revenue- Professional services and other revenue: $35.70 million compared to the $37.49 million average estimate based on 10 analysts.
Non-GAAP Gross profit (loss)- Professional services and other: $2.83 million compared to the -$14.43 million average estimate based on two analysts.
Non-GAAP Gross profit (loss)- Product: $547.10 million compared to the $479.97 million average estimate based on two analysts.
Shares of Snowflake Inc. have returned +18.2% over the past month versus the Zacks S&P 500 composite's +10.8% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Snowflake Inc. (SNOW) Reports Q3 Earnings: What Key Metrics Have to Say
For the quarter ended October 2023, Snowflake Inc. (SNOW - Free Report) reported revenue of $734.17 million, up 31.8% over the same period last year. EPS came in at $0.25, compared to $0.11 in the year-ago quarter.
The reported revenue represents a surprise of +3.33% over the Zacks Consensus Estimate of $710.54 million. With the consensus EPS estimate being $0.15, the EPS surprise was +66.67%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
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:
- Remaining performance obligations: $3.70 billion versus $3.74 billion estimated by three analysts on average.
- Customers with trailing 12-month product revenue greater than $1 million: 436 versus 436 estimated by two analysts on average.
- Revenue- Product revenue: $698.48 million versus the 10-analyst average estimate of $673.11 million.
- Revenue- Professional services and other revenue: $35.70 million compared to the $37.49 million average estimate based on 10 analysts.
- Non-GAAP Gross profit (loss)- Professional services and other: $2.83 million compared to the -$14.43 million average estimate based on two analysts.
- Non-GAAP Gross profit (loss)- Product: $547.10 million compared to the $479.97 million average estimate based on two analysts.
View all Key Company Metrics for Snowflake Inc. here>>>Shares of Snowflake Inc. have returned +18.2% over the past month versus the Zacks S&P 500 composite's +10.8% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.