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  4. Snowflake’s Q2 Preview, Strong Growth Durability Expected Despite More Optimization
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Snowflake’s Q2 Preview, Strong Growth Durability Expected Despite More Optimization

By Davit Kirakosyan A Cowen analyst provided a company update on Snowflake Inc (NYSE:SNOW) ahead of the upcoming Q2 earnings, scheduled to be released on August 24. The analyst...
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Snowflake’s Q2 Preview, Strong Growth Durability Expected Despite More Optimization © Shutterstock Snowflake’s Q2 Preview, Strong Growth Durability Expected Despite More Optimization

By Davit Kirakosyan

A Cowen analyst provided a company update on Snowflake Inc (NYSE:SNOW) ahead of the upcoming Q2 earnings, scheduled to be released on August 24.

The analyst expects a modest beat vs. their 72% product growth forecast and in-line guide. While more customers are talking about optimizing spend on Snowflake, the analyst sees ample growth drivers in the model, leading to attractive growth durability. The analyst suspects we'll see more of an optimization cycle in 2022 given the macro, but noted that the company has always seen customers go through this phase, only to re-accelerate consumption growth once through it.

The analyst expects Q2 product revenue of $439 million, compared to the company’s guidance of $435-$440 million. Total revenue is expected to be $469 million, compared to the consensus estimate of $467 million.

For Q3, the analyst expects product revenue of $496 million and total revenue of $529 million, compared to the consensus estimate of $534 million. The analyst reiterated the Outperform rating and $230 price target.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

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GBP/USD

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USD/JPY

157.91

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AUD/USD

0.6469

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Neutral

Moving Avg:

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USD/CAD

1.3780

+0.0003 (+0.03%)

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168.32

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EUR/CHF

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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