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EPS of $0.22 came in better than the consensus estimate of $0.10. Revenue grew 36% year-over-year to $674 million, beating the consensus estimate of $662.22M.
Product revenue came in at $640.2M, representing a 37% year-over-year growth. The company now has 402 customers with trailing 12-month product revenue greater than $1M and 639 Forbes Global 2000 customers, representing 62% and 17% year-over-year growth, respectively.
For Q3/24, the company expects product revenue in the range of $670-$675M, representing a 28-29% year-over-year increase.
For the full year, the company sees product revenue at $2.6B, which represents a 34% year-over-year growth.
BTIG analysts said the results were solid.
“We have to acknowledge that SNOW’s long-term story is compelling on multiple levels. But with the stock trading at over 14.5x CY’24E EV/sales for ~30% growth potential, we see a balanced risk/reward. Maintain Neutral.”
MoffettNathanson analysts said the results suggest that the tone is improving before results.
“Snowflake is perceived to be well-positioned to be the data management layer underlying AI, and good demand for GPUs (chips) for AI today likely leads to good demand for data management in the coming quarters,” they wrote.
Additional reporting by Senad Karaahmetovic
