Snowflake (SNOW) is gearing up to announce its third-quarter fiscal 2024 results on November 29th. With a growing customer base and a strong partner network, the company is poised for another quarter of impressive growth. In this article, we will delve into the factors contributing to Snowflake's success and what investors can expect from its upcoming earnings report.
Snowflake's Strong Q3 Fiscal 2024 Performance
A look at Snowflake's expected performance in the third quarter of fiscal 2024
Snowflake (SNOW) is set to report its third-quarter fiscal 2024 results on November 29th. Analysts are optimistic about the company's performance, with the Zacks Consensus Estimate projecting a year-over-year growth of 27.56% in revenue.
The company has consistently surpassed expectations in the past, and investors are eagerly awaiting the upcoming earnings report. With an average surprise of 244.45% in the trailing four quarters, Snowflake has demonstrated its ability to deliver strong results.
As Snowflake continues to expand its clientele and strengthen its partner base, the third quarter is expected to show further growth and solidify its position in the market.
Expanding Clientele and Partner Base
The factors contributing to Snowflake's expanding clientele and strong partner base
Snowflake's success can be attributed to its expanding clientele and strong partner base. The company added over 400 Snowpark customers in the fiscal second quarter, indicating a growing adoption of its services.
With 402 customers generating more than $1 million in product revenues over the past 12 months, Snowflake has seen a 62% year-over-year increase in high-value customers. Additionally, the company has 639 Forbes Global 2000 customers, a 16.6% year-over-year growth.
Partnering with industry leaders such as NVIDIA, Microsoft, Amazon, and Dell Technologies has further strengthened Snowflake's position in the market. These partnerships provide additional opportunities for growth and innovation.
Snowflake's Focus on Machine Learning
How Snowflake is expanding its machine learning capabilities
Snowflake has been actively expanding its machine learning footprint by incorporating ML-powered SQL extensions. These extensions, including anomaly detection, top insights, and time series forecasting, enhance the platform's capabilities and provide valuable insights to users.
The company's focus on machine learning has attracted data scientists and engineers who are leveraging Snowflake for data science, machine learning, and artificial intelligence projects. Snowpark, a feature that allows data scientists to write code in their preferred language, has seen a growing adoption rate among users.
By investing in machine learning capabilities, Snowflake is positioning itself as a leader in the data analytics space and catering to the evolving needs of its customers.
Strong Earnings Beat Track Record
Snowflake's consistent ability to surpass earnings expectations
Snowflake has a strong track record of beating earnings expectations. In the trailing four quarters, the company has delivered an average surprise of 244.45%.
With a positive Earnings ESP of +67.33% and a Zacks Rank #2, Snowflake is well-positioned to continue its streak of beating earnings estimates. The company's consistent performance reflects its ability to execute and deliver strong financial results.
Investors can look forward to another impressive earnings report from Snowflake, as the company showcases its growth and solidifies its position in the market.
