FMP

FMP

Enter

Snowflake (NYSE:SNOW) kicked off its fiscal year with impressive first-quarter results, reporting revenue that exceeded expectations and sent shares soaring by

Snowflake Posts Strong Q1 Results, Revenue Surpasses Expectations

-

twitterlinkedinfacebook
blog post cover photo

Image credit: Mihika

Snowflake (NYSE:SNOW) kicked off its fiscal year with impressive first-quarter results, reporting revenue that exceeded expectations and sent shares soaring by 7.5%.

Key Financial Highlights:

  • Revenue: Snowflake reported revenue of $828.7 million for the first quarter, marking a 33% increase from the same period last year and surpassing the consensus estimate of $786.82 million.
  • EPS: Adjusted earnings per share (EPS) came in at $0.14, missing the estimate of $0.18 by $0.04. However, robust revenue growth overshadowed the EPS miss.
  • Product Revenue: The company's product revenue saw a 34% year-over-year (YoY) increase, reaching nearly $790 million.

Forward Guidance and Customer Metrics:

  • Q2 Product Revenue: Snowflake guided for Q2 product revenue between $805 million and $810 million, representing a 26-27% YoY growth.
  • Net Revenue Retention Rate: The company maintained a strong net revenue retention rate of 128%, reflecting high customer satisfaction and increased usage.
  • Customer Base Growth: The number of customers generating over $1 million in trailing 12-month product revenue grew by 30% YoY to 485.
  • Remaining Performance Obligations: These surged to $5.0 billion, a 46% YoY increase, indicating significant future revenue potential.

CEO's Statement:

Sridhar Ramaswamy, Snowflake's CEO, attributed the strong quarterly performance to the robustness of the company's core business and the increasing interest in its AI products.

Snowflake's solid performance and optimistic forward guidance underscore its strong market position and growth potential in the cloud-based data warehousing sector.

CTA: Assess a company's financial health and compare it to its competitors using comprehensive financial ratios. Access detailed financial ratios for any company here.

Other Blogs

Nov 25, 2023 6:39 AM - Parth Sanghvi

DCF Valuation vs. Comparable Companies Analysis: Choosing the Right Valuation Method

Choosing the Right Valuation Method: DCF vs. Comparable Companies Analysis Introduction: Valuation methods play a pivotal role in determining the fair value of a company, aiding investors in making informed investment decisions. Two commonly used methods, DCF Valuation and Comparable Companies A...

blog post title

Dec 23, 2023 2:19 AM - Parth Sanghvi

Understanding the Limitations of DCF Analysis: A Guide to Overcoming Challenges

Introduction: Discounted Cash Flow (DCF) analysis stands as a cornerstone in valuing investments, yet its efficacy is contingent upon various assumptions and methodologies. While a powerful tool, DCF analysis comes with inherent limitations and challenges that investors must acknowledge to make i...

blog post title

Dec 25, 2023 2:28 AM - Parth Sanghvi

Integrating Sustainability into Valuations: Navigating ESG Factors within the Discounted Cash Flow (DCF) Model

Introduction: The investment landscape is undergoing a profound shift with a heightened emphasis on sustainability and responsible investing. In this blog post, we explore the intersection of Environmental, Social, and Governance (ESG) considerations within the Discounted Cash Flow (DCF) model, h...

blog post title
FMP

FMP

Financial Modeling Prep API provides real time stock price, company financial statements, major index prices, stock historical data, forex real time rate and cryptocurrencies. Financial Modeling Prep stock price API is in real time, the company reports can be found in quarter or annual format, and goes back 30 years in history.
twitterlinkedinfacebookinstagram
2017-2024 © Financial Modeling Prep