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

Zacks Equity Research
·2 min read

For the quarter ended April 2023, Snowflake Inc. (SNOW) reported revenue of $623.6 million, up 47.6% over the same period last year. EPS came in at $0.15, compared to $0.01 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $607.57 million, representing a surprise of +2.64%. The company delivered an EPS surprise of +200.00%, with the consensus EPS estimate being $0.05.

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.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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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: $3.40 billion versus the four-analyst average estimate of $3.62 billion.

  • Total customers: 8167 versus the three-analyst average estimate of 8199.33.

  • Product Revenue: $590.07 million compared to the $570.79 million average estimate based on eight analysts.

  • Professional Services Revenue: $33.53 million versus $36.64 million estimated by eight analysts on average.

  • Non-GAAP Gross profit (loss)- Product: $454.08 million versus the six-analyst average estimate of $432.49 million.

  • Non-GAAP Gross profit (loss)- Professional services and other: -$0.14 million versus $2.85 million estimated by five analysts on average.

View all Key Company Metrics for Snowflake Inc. here>>>

Shares of Snowflake Inc. have returned +29.3% over the past month versus the Zacks S&P 500 composite's +0.5% 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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Zacks Investment Research