Snowflake (SNOW) earnings Q1 2024
The New York Inventory Change welcomes Snowflake (NYSE:SNOW), on Tues. Dec twenty first, 2021, to usher within the first day of winter.
Shares of cloud information platform supplier Snowflake slid greater than 12% in prolonged buying and selling on Wednesday after the corporate issued weak steering in its earnings report and stated it would purchase search startup Neeva for an undisclosed quantity.
Here is how the corporate did:
- Earnings per share: 15 cents, adjusted, vs. 5 cents anticipated by analysts, in accordance with Refinitiv
- Income: $624 million vs. $608 million anticipated by analysts, in accordance with Refinitiv
The corporate’s income grew 48% yr over yr within the fiscal first quarter, however that development was decrease than the 85% improve yr over yr. The majority of Snowflake gross sales come from product income, which expanded 50% yr over yr. Product income accounts to be used of Snowflake’s software program for storing and operating queries on information saved in its system.
Snowflake stated it anticipates product income will likely be between $620 million and $625 million within the fiscal second quarter. That might signify year-over-year development between 33% and 34%.The projection got here in nicely under the StreetAccount estimate of $649 million.
For the 2024 fiscal yr, Snowflake referred to as for product income of $2.6 billion. The StreetAccount consensus was $2.7 billion.
Snowflake additionally introduced it plans to accumulate Neeva, the privacy-focused search firm co-founded by former Google govt Sridhar Ramaswamy. Benoit Dageville, Snowflake’s co-founder and president of merchandise, wrote in a weblog submit that the corporate intends to “infuse and leverage” Neeva’s AI-equipped search merchandise throughout its cloud companies. Phrases of the deal weren’t disclosed.
“Neeva permits us to faucet into a number of the most cutting-edge search applied sciences out there to convey search and dialog in Snowflake to a brand new stage,” Dageville wrote.
The acquisition comes days after Neeva, which was based in 2019, stated it will shut down its shopper search engine to give attention to creating use circumstances for AI and huge language fashions.
The corporate will maintain its quarterly name with buyers Wednesday at 5 p.m. ET.
— CNBC’s Ashley Capoot contributed reporting to this text.