Snowflake

Snowflake (SNOW) reported fiscal Q1 non-GAAP net income late Wednesday of $0.14 per diluted share, down from $0.15 a year earlier. Analysts polled by Capital IQ expected $0.17. Revenue in the quarter ended April 30 rose to $828.7 million from $623.6 million a year earlier. Analysts surveyed by Capital IQ expected $785.9 million. The company said it expects fiscal Q2 product revenue of $805 million to $810 million with fiscal 2025 product revenue of $3.3 billion. Shares of the company rose 5.3% in recent after-hours activity.

Snowflake Inc. (NYSE:SNOW) Q1 2025 Earnings Call Transcript May 22, 2024 5:00 PM ET Company Participants Jimmy Sexton – Head of IR Sridhar Ramaswamy – CEO Mike Scarpelli – CFO Christian Kleinerman – EVP of Product Conference Call Participants Keith Weiss – Morgan Stanley Mark Murphy – JPMorgan Kirk Materne – Evercore Karl Keirstead – UBS Raimo Lenschow – Barclays Brent Thill – Jefferies Matt Hedberg – RBC Brent Bracelin – Piper Sandler Tyler Radke – Citi Alex Zukin – Wolfe Research Operator Hello, everyone. Thank you for attending today’s Q1 Fiscal Year 2025 Snowflake Earnings Call. My name is Sierra, and I will be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions] I would now like to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy Sexton

The following is a summary of the Snowflake Inc. (SNOW) Q1 2025 Earnings Call Transcript: Financial Performance: Snowflake reported Q1 product revenue of $790 million, up 34% year-over-year. Remaining Performance Obligations grew 46% year-over-year to $5 billion. Non-GAAP adjusted free cash flow margin stood at 44%. Snowflake expects Q2 product revenue between $805 million to $810 million and full year product revenue of approximately $3.3 billion, a 24% increase year-on-year. Storage mix as a percent of revenue remained at 11%. Business Progress: Growth was primarily driven by data product and increased layer of AI applications. Over 750 customers are using new AI capabilities, with significant upgrades in acquisition team in commercial space and business development. AI product, Cortex, became generally available and features such as Iceberg, Snowpark Container Services, and Hybrid Tables are expected to be released by year-end. Snowflake began migrating several large Global 2,000 customers to Snowpark in

Snowflake (SNOW) is tracking toward a modest fiscal first-quarter revenue beat and positive guidance revisions amid potential product sales upside, RBC Capital Markets said in a note emailed Monday. The brokerage said markets are assuming 2% to 3% upside to the first-quarter consensus for total revenue of $787 million and product revenue of $744 million. They both imply year-over-year growth of 26%. Shares of Snowflake were up 1.5% in afternoon trade. The cloud-based data analytics platform topped product expectations by an average of 2.9% over the last four quarters, according to RBC’s analysis. A 2.5% beat in the May 22 report would imply product revenue closer to $762 million, a year-over-year gain of 29%, according to RBC. RBC is modeling for first-quarter total revenue of $784.5 million and adjusted earnings per share of $0.15, compared with the $0.17 average analyst estimate on Capital IQ. “We see a better setup this

Rosenblatt analyst Blair Abernethy upgrades Snowflake (NYSE:SNOW) from Neutral to Buy and announces $185 price target.

Barclays analyst Raimo Lenschow maintains Snowflake (NYSE:SNOW) with a Equal-Weight and lowers the price target from $198 to $188.

JP Morgan analyst Mark Murphy maintains Snowflake with a Overweight and lowers the price target from $200 to $170.

Snowflake’s (SNOW) focus and investment in artificial intelligence addresses concerns about its product roadmap, Macquarie said in a note Thursday. Chief Executive Officer Frank Slootman’s departure was shocking, compounded by lower-than-expected fiscal 2025 guidance, the investment firm said. But, the firm welcomed the appointment of Sridhar Ramaswamy, senior vice president of AI, to the top job. “Nevertheless, we believe Snowflake’s product and sales organizations are also world-class and that its drivers are durable even without Mr. Slootman in charge,” the investment firm said. Macquarie upgraded Snowflake to outperform from neutral and lifted the price target to $205 from $182. Snowflake shares slumped nearly 19% in recent trading.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our price target by $8 to $208, using an EV/Sales ratio of 21x our FY 25 (Jan.) sales view, above peers due to SNOW’s growth history but below its 3-year average (~31x) as growth continues decelerating despite AI excitement. We lower our FY 25 sales view to $3.47B from $3.63B and initiate a FY 26 view at $4.55B. SNOW posts Jan-Q sales of $775M (+32% Y/Y) and EPS of $0.35 (+150%), both above consensus, while guiding for softer-than-expected sales in FY 25. We think the guide is conservative, and we see upside from new products like Document AI, with support from its $5.2B backlog (+$1.5B Q/Q) and still-high NRR (131%). In a surprise announcement, Sridhar Ramaswamy (previously SVP of AI) has assumed the CEO role

The following is a summary of the Snowflake Inc. (SNOW) Q4 2024 Earnings Call Transcript: Financial Performance: Snowflake reported Q4 product revenue of $738 million, a 33% year-over-year growth. 83 customers contribute over $5 million in trailing 12-month product revenue, up from 75 in the previous quarter. Remaining performance obligations grew by 41% year-over-year to $5.2 billion, with approx. 50% expected to be recognized as revenue within the next year. Non-GAAP product margin improved by roughly 300 basis points year-over-year to 78%. Ended the quarter with $4.8 billion in cash, cash equivalents, and long-term investments. Looking ahead to Q1 and full year FY ’25, expects product revenue between $745 million and $750 million, and approximately $3.25 billion, respectively, with Non-GAAP product gross margin at 76%, operating margin at 6% and adjusted free cash flow margin of 29%. Business Progress: Signed its largest deal ever in Q4 – a five-year, $250

Piper Sandler analyst Brent Bracelin maintains Snowflake with a Overweight and lowers the price target from $250 to $240.

Snowflake’s (SNOW) shares tumbled early Thursday after offering a downbeat short- and long-term product revenue outlook, while the company announced the retirement of its chief executive. Frank Slootman will step down from his role as head of the cloud-based data platform company, it said late Wednesday. Sridhar Ramaswamy, who previously served as the firm’s senior vice president of artificial intelligence, will succeed Slootman as CEO, effective immediately. “There is no better person than Sridhar to lead Snowflake into this next phase of growth and deliver on the opportunity ahead in AI and machine learning,” Slootman, who will continue to serve as chairman of the board, said in a statement. The stock dropped 22% in premarket trading. “We have an enormous opportunity ahead to help all customers leverage AI to deliver massive business value,” according to Ramaswamy. “My focus will be on accelerating our ability to bring innovation to our customers