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Compared to Estimates, Snowflake (SNOW) Q1 Earnings: A Look at Key Metrics

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For the quarter ended April 2024, Snowflake Inc. (SNOW - Free Report) reported revenue of $828.71 million, up 32.9% over the same period last year. EPS came in at $0.14, compared to $0.15 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $786.95 million, representing a surprise of +5.31%. The company delivered an EPS surprise of -17.65%, with the consensus EPS estimate being $0.17.

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 performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Total customers: 9,822 compared to the 9,766 average estimate based on five analysts.
  • Remaining performance obligations: $5 billion compared to the $4.60 billion average estimate based on four analysts.
  • Customers with trailing 12-month product revenue greater than $1 million: 485 versus the three-analyst average estimate of 492.
  • Revenue- Product revenue: $789.59 million versus $748.19 million estimated by 12 analysts on average. Compared to the year-ago quarter, this number represents a +33.8% change.
  • Revenue- Professional services and other revenue: $39.12 million compared to the $38.16 million average estimate based on 12 analysts. The reported number represents a change of +16.7% year over year.
  • Non-GAAP Gross profit (loss)- Product: $607.31 million compared to the $548.94 million average estimate based on three analysts.
  • Non-GAAP Gross profit (loss)- Professional services and other: $1.80 million versus the two-analyst average estimate of -$13.85 million.
View all Key Company Metrics for Snowflake here>>>

Shares of Snowflake have returned +5.4% over the past month versus the Zacks S&P 500 composite's +6.1% 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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