Yahoo Finance Snowflake (SNOW) to Post Q1 Earnings: What's in the Offing?
Snowflake SNOW is set to report its first-quarter fiscal 2024 results on May 24.
The Zacks Consensus Estimate for the top line is currently pegged at $607.47 million, suggesting growth of 43.82% year over year.
The consensus mark for the bottom line is pegged at earnings of 5 cents per share, unchanged over the past 30 days. Snowflake reported earnings of 1 cent in the year-ago quarter.
The company’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 245.84%.
Snowflake Inc. Price and EPS Surprise
Snowflake Inc. price-eps-surprise | Snowflake Inc. Quote
Let’s see how things have shaped up before this announcement.
Factors to Note
Snowflake’s fiscal first-quarter results are expected to benefit from an expanding clientele and strong partner base.
The company reported 31% year-over-year growth in the number of customers, reaching 7,828 in the previous quarter.
Snowflake signed 43 new customers with $1 million in trailing 12-month product revenues in the previous quarter.
It had 330 customers (with more than $1 million in product revenues), up 79% year over year, in the fiscal fourth quarter.
Snowflake is also benefiting from a strong partner base that includes the likes of Amazon, Cognizant and Dell Technologies.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Snowflake has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
HP HPQ has an Earnings ESP of +1.85% and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
HP is likely to release its second-quarter fiscal 2023 results on May 30. HPQ shares have gained 14.2% year to date compared with the Zacks Computer & Technology sector’s return of 27%.
Greif GEF currently has an Earnings ESP of +10.00% and a Zacks Rank #2.
GEF shares have lost 5.8% year to date, underperforming the Zacks Industrial Products sector, which has returned 0.4% over the same timeframe. Greif is set to report its second-quarter fiscal 2023 results on Jun 8.
Nordic American Tankers NAT has an Earnings ESP of +12.82% and a Zacks Rank #2.
NAT shares have gained 21.2% year to date, outperforming the Zacks Transportation sector’s return of 4.4%. Nordic American is set to report its first-quarter 2023 results on May 22.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
HP Inc. (HPQ) : Free Stock Analysis Report
Greif, Inc. (GEF) : Free Stock Analysis Report
Nordic American Tankers Limited (NAT) : Free Stock Analysis Report
Snowflake Inc. (SNOW) : Free Stock Analysis Report
