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Snowflake (SNOW, $128.28) fiscal Q1 earnings crushes Zacks Consensus Estimate
Snowflake posted its fiscal first-quarter earnings that surpassed expectations.
The cloud-computing date warehousing company’s fiscal 2023 non-GAAP earnings came in at 1 cent per share, exceeding the Zacks Consensus Estimate by 200%. The company incurred a loss of -24 cents in the year-ago quarter.
Revenues climbed +84.5% from the year-ago quarter to $422.4 million, beating the consensus estimate by 3.11%.
Revenues from Snowflake’s product revenues (accounting for 93.4% of total revenues) rose +84.4% year over year to $394.4 million, well above the company’s guidance range of $383 million-$388 million.
Professional Services and other revenues (6.6% to total revenues) surged 85.2% year over year to $27.9 million.
In the fiscal first quarter, Snowflake had a net revenue retention rate of 174% for existing customers, compared to 168% in the year-ago quarter but slightly lower than the 177% in the previous quarter.
The company had a 40% year-over-year growth in the number of customers, reaching 6,322 in the reported quarter.
For the second quarter of fiscal 2023, Snowflake projects product revenues in the range of $435 million-$440 million, implying year-over-year growth of 71-73%. The operating loss margin is expected at 2% for the second quarter.
For fiscal 2023, Snowflake now predicts product revenues in the range of $1.885 billion-$1.900 billion, indicating a year-over-year growth of 65-67%.
Packaged software comprises multiple software programs bundled together and sold as a group. For example, Microsoft Office includes multiple applications such as Excel, Word, and PowerPoint. In some cases, buying a bundled product is cheaper than purchasing each item individually[s20] . Microsoft Corporation, Oracle Corp. and Adobe are some major American packaged software makers.
The average market capitalization across the Packaged Software Industry is 6.3B. The market cap for tickers in the group ranges from 580 to 2T. MSFT holds the highest valuation in this group at 2T. The lowest valued company is NANN at 580.
The average weekly price growth across all stocks in the Packaged Software Industry was 4.76%. For the same Industry, the average monthly price growth was -0.49%, and the average quarterly price growth was -28.06%. LAAB experienced the highest price growth at 218.73%, while PRTHU experienced the biggest fall at -75%.
- 6/22/22 4:42 AM: Snowflake (SNOW, $122.54) was a top weekly gainer, with a +7.61% jump
- 6/3/22 6:38 AM: Snowflake (SNOW, $138.24) was a top weekly gainer, with a +9.02% jump
- 4/29/22 5:52 AM: Snowflake (SNOW, $185.71) was a top weekly gainer, with a +6.04% jump
The average weekly volume growth across all stocks in the Packaged Software Industry was 64.11%. For the same stocks of the Industry, the average monthly volume growth was 173.97% and the average quarterly volume growth was 246.82%
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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