Snowflake Likely to Beat First-Quarter Revenue Views, RBC Say
Snowflake (SNOW) is tracking toward a modest fiscal first-quarter revenue beat and positive guidance revisions amid potential product sales upside, RBC Capital Markets said in a note emailed Monday. The brokerage said markets are assuming 2% to 3% upside to the first-quarter consensus for total revenue of $787 million and product revenue of $744 million. They both imply year-over-year growth of 26%. Shares of Snowflake were up 1.5% in afternoon trade. The cloud-based data analytics platform topped product expectations by an average of 2.9% over the last four quarters, according to RBC’s analysis. A 2.5% beat in the May 22 report would imply product revenue closer to $762 million, a year-over-year gain of 29%, according to RBC. RBC is modeling for first-quarter total revenue of $784.5 million and adjusted earnings per share of $0.15, compared with the $0.17 average analyst estimate on Capital IQ. “We see a better setup this […]
Snowflake Likely to Beat First-Quarter Revenue Views, RBC Say Read Post »