Snowflake Q1 Earnings: Revenue Beat, EPS Miss, 'Strong Customer Interest' For AI Products And More
Portfolio Pulse from Adam Eckert
Snowflake Inc (NYSE:SNOW) reported Q1 earnings with a revenue beat but an EPS miss. Revenue increased 33% YoY to $828.7 million, beating estimates, while EPS missed at 14 cents vs. 18 cents expected. The company announced plans to acquire technology assets from TruEra and highlighted strong customer interest in its AI products. Snowflake shares rose 6.50% after hours.
May 22, 2024 | 8:21 pm
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Snowflake reported a strong Q1 with revenue beating estimates but EPS missing. The company highlighted strong customer interest in its AI products and announced plans to acquire technology assets from TruEra. Shares rose 6.50% after hours.
The revenue beat and strong customer interest in AI products are positive indicators for Snowflake's future performance. The EPS miss is a minor setback, but the overall outlook and after-hours share price increase suggest positive short-term momentum.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100