Advertisement
UK markets close in 2 hours 55 minutes
  • FTSE 100

    7,956.45
    +24.47 (+0.31%)
     
  • FTSE 250

    19,869.34
    +58.68 (+0.30%)
     
  • AIM

    743.26
    +1.15 (+0.15%)
     
  • GBP/EUR

    1.1691
    +0.0022 (+0.19%)
     
  • GBP/USD

    1.2639
    +0.0001 (+0.01%)
     
  • Bitcoin GBP

    56,275.43
    -225.81 (-0.40%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,247.80
    -0.69 (-0.01%)
     
  • DOW

    39,813.37
    +53.29 (+0.13%)
     
  • CRUDE OIL

    82.39
    +1.04 (+1.28%)
     
  • GOLD FUTURES

    2,230.40
    +17.70 (+0.80%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,488.35
    +11.26 (+0.06%)
     
  • CAC 40

    8,223.32
    +18.51 (+0.23%)
     

Snowflake (SNOW) to Post Q3 Earnings: What's in the Offing?

Snowflake SNOW is set to report its third-quarter fiscal 2023 results on Nov 30.

The Zacks Consensus Estimate for the top line is currently pegged at $535.81 million, suggesting growth of 60.21% year over year.

The consensus mark for the bottom line is pegged at a loss of 3 cents per share, unchanged over the past 30 days and narrower than the loss of 4 cents reported in the year-ago quarter.

Snowflake’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 150%.

Snowflake Inc. Price and EPS Surprise

Snowflake Inc. Price and EPS Surprise
Snowflake Inc. Price and EPS Surprise

Snowflake Inc. price-eps-surprise | Snowflake Inc. Quote

ADVERTISEMENT

Let’s see how things have shaped up before this announcement.

Factors to Note

Snowflake’s fiscal third-quarter results are expected to benefit from an expanding clientele and strong partner base.

The company reported 36% year-over-year growth in the number of customers, reaching 6,808 in the fiscal second quarter. The company added 12 Forbes Global 2000 customers.

Snowflake signed 15 new customers with $1 million in trailing 12-month product revenues in the reported quarter.

It had 246 customers (with more than $1 million in product revenues), up 112% year over year, in the fiscal second 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:

GIII Apparel Group GIII has an Earnings ESP of +0.68% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

GIII Apparel is likely to release its fourth-quarter fiscal 2023 results soon. GIII shares have been down 22.2% year to date compared with the Zacks Computer & Technology sector’s decline of 31.2%.

AutoZone AZO has an Earnings ESP of +2.91% and a Zacks Rank #3. AZO is scheduled to release its first-quarter fiscal 2023 results on Dec 6.

AutoZone shares are up 20% year to date, outperforming the Zacks Computer & Technology sector.

Adobe ADBE has an Earnings ESP of +0.03% and a Zacks Rank #3. It is likely to release its fourth-quarter fiscal 2022 results soon.

ADBE shares have been down 40.8% year to date, underperforming the Zacks Computer & Technology sector.

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

Adobe Inc. (ADBE) : Free Stock Analysis Report

AutoZone, Inc. (AZO) : Free Stock Analysis Report

GIII Apparel Group, LTD. (GIII) : Free Stock Analysis Report

Snowflake Inc. (SNOW) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research