当地时间12月3日，美国云计算数据服务公司Snowflake发布2026财年第三季度财报：营收为12.1亿美 元，同比增长29%；产品收入为11.58亿美元，同比增长29%。该公司预计第四财季产品收入为11.95亿 至12.00亿美元，同比增长27%；预计全财年产品收入为44.46亿美元，同比增长28%。 来源：智通财经 ...

Economic Outlook - US stock futures are stable as Wall Street anticipates a potential rate cut from the Federal Reserve in December, with an 89% probability priced in by traders following weak economic data [1][2] - Speculation surrounds Kevin Hassett potentially replacing Jerome Powell as Fed chair, which could lead to a more dovish monetary policy, although market participants express skepticism about this transition [3][16][19] Labor Market Insights - Upcoming labor market data, including initial jobless claims and job cuts, is expected to provide further insights into economic conditions, with particular attention on the delayed September PCE reading for inflation [4] Corporate Earnings - Salesforce (CRM) shares rose after exceeding earnings expectations with a diluted EPS of $3.25 and revenue of $10.27 billion, marking an 8.6% year-over-year increase [5][12] - Snowflake (SNOW) shares fell over 8% after reporting a narrower loss but providing disappointing revenue guidance, with Q3 revenue growing 29% year-over-year to $1.15 billion, slightly below expectations [5][20][21] - Five Below (FIVE) reported a 23.1% increase in net sales to $1 billion, with same-store sales up 12.4% year-over-year, leading to a stock price increase [13][15] Retail Sector Performance - Retailers like Dollar General and Kroger are expected to provide insights into consumer resilience, while Hewlett-Packard Enterprise's earnings are also anticipated [6] AI Investment Narrative - BlackRock and Bank of America assert that the current AI investment cycle is driven by genuine corporate investment and productivity gains, contrasting with the speculative nature of the dot-com bubble [7][8] - The scale of corporate investment in AI is significant enough to potentially elevate US GDP growth above the historical 2% trend [8]

Core Viewpoint - Snowflake reported better-than-expected Q3 earnings, but provided a lower-than-expected operating margin outlook, raising concerns about the profitability of its new AI tools, leading to a post-earnings stock decline [1][3]. Financial Performance - For Q3 ending October 31, Snowflake's revenue was $1.21 billion, exceeding analyst expectations of $1.18 billion. Product revenue grew 29% year-over-year to $1.16 billion, accounting for 95% of total revenue, surpassing the expected $1.14 billion [1]. - Remaining performance obligations increased by 37% to $7.88 billion, higher than the forecasted $7.23 billion. Adjusted earnings per share were $0.35, above the expected $0.31 [1]. Future Outlook - For Q4, the company expects an adjusted operating margin of approximately 7%, below the analyst average estimate of 8.5%. Product revenue is projected to be between $1.195 billion and $1.2 billion, reflecting a 27% year-over-year growth, only slightly above the average expectation of $1.19 billion [3]. - Analysts had anticipated a growth rate exceeding 30%, which may be realized in the next quarter, potentially driving stock prices higher [3]. Market Reaction - Following the earnings report, Snowflake's stock fell over 9% in after-hours trading but recovered some losses after announcing a $200 million partnership with Anthropic to integrate its Claude AI model into Snowflake's platform [3]. - Year-to-date, the stock has risen by 72% [3]. Competitive Landscape - Snowflake faces increasing competition, particularly from Databricks, which is reportedly negotiating a new funding round that could value it over $130 billion, significantly higher than Snowflake's market cap of $89.7 billion at the time of the report [4][5]. - Despite concerns about competition, some analysts believe Snowflake is well-positioned in the current software industry environment, with limited threats from Databricks [5].

Snowflake Inc. (SNOW) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.2 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +12.90%. A quarter ago, it was expected that this company would post earnings of $0.26 per share when it actually produced earnings of $0.35, delivering a surprise of +34.62%.Over the last four quarters, the company ...

Financial Data and Key Metrics Changes - Product revenue in Q3 was $1.16 billion, up 29% year-over-year [6] - Remaining performance obligations totaled $7.88 billion, with year-over-year growth accelerating to 37% [7] - Net revenue retention remained stable at a very healthy 125% [7] - Non-GAAP product gross margins were 75.9% [22] - Non-GAAP operating margin expanded more than 450 basis points year-over-year to 11% [22] - For Q4, product revenue is expected between $1.195 and $1.2 billion, representing a 27% year-over-year growth [23] - FY26 product revenue guidance raised to approximately $4.446 billion, representing 28% year-over-year growth [23] Business Line Data and Key Metrics Changes - Financial services and technology verticals led growth in Q3 [21] - 28% of all use cases deployed during the quarter incorporated AI [10] - Over 7,300 accounts are using AI capabilities weekly [8] - 1,200 customers are harnessing next-generation agentic AI capabilities [8] Market Data and Key Metrics Changes - Snowflake surpassed $2 billion in sales through AWS Marketplace in a single calendar year [18] - The company added a record 615 new customers in Q3 [7] - The annual world tour saw over 40,000 participants, a 40% year-on-year increase [12] Company Strategy and Development Direction - Snowflake aims to empower enterprises through data and AI, focusing on operational rigor and product innovation [5] - The company is expanding partnerships with major players like SAP, Workday, and Google Cloud to enhance data integration and AI capabilities [12][15] - The introduction of Snowflake Intelligence is a key part of the strategy to enhance customer engagement and drive AI adoption [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain growth momentum and operational efficiency [19] - The focus remains on delivering efficient growth while balancing investments in sales and marketing [25][90] - Management highlighted the importance of AI in driving customer relationships and expanding the value delivered across the data lifecycle [10] Other Important Information - The company achieved a major milestone of $100 million in AI revenue run rate, one quarter earlier than anticipated [10] - Snowflake's operational rhythm remains strong, with a commitment to long-term growth and efficiency [19] Q&A Session Summary Question: Growth rates on product revenue and Q4 guidance - Management noted that Q3 revenue growth was strong, with a slight impact from a hyperscaler outage [31] - The FY guidance reflects underlying customer behavior and is considered a more meaningful signal than quarterly beats [31] Question: Customer adoption of AI products - Management highlighted that Snowflake Intelligence is unlocking significant value for customers, with many using it to create specialized data agents [34] Question: Go-to-market strategy and customer acquisition - Management indicated that Snowflake Intelligence plays a key role in customer acquisition, allowing for hyper-customized demos [41] Question: Impact of migrations on product revenue - Management stated that they are still early in the migration process, with AI helping to accelerate these migrations [50] Question: Zero Copy agreements and their impact - Management explained that Zero Copy agreements facilitate data sharing and collaboration, enhancing customer value [56] Question: Tying Snowflake budget to AI investments - Management confirmed that many customers are integrating Snowflake into their AI strategies, leading to larger contracts and broader product adoption [61] Question: Future milestones and AI consumption - Management indicated that broader adoption of Snowflake Intelligence is a key milestone, with a focus on making all data AI-ready [81]

Financial Data and Key Metrics Changes - Product revenue in Q3 was $1.16 billion, up 29% year-over-year [4] - Remaining performance obligations totaled $7.88 billion, with year-over-year growth accelerating to 37% [5] - Net revenue retention remained stable at 125% [5] - Non-GAAP product gross margins were 75.9% [21] - Non-GAAP operating margin expanded more than 450 basis points year-over-year to 11% [21] - For Q4, product revenue is expected between $1.195 and $1.2 billion, representing 27% year-over-year growth [22] - FY26 product revenue guidance raised to approximately $4.446 billion, representing 28% year-over-year growth [22] Business Line Data and Key Metrics Changes - Financial services and technology verticals led growth in Q3 [20] - 28% of all use cases deployed during the quarter incorporated AI [10] - More than 7,300 accounts are using AI capabilities weekly [6] - 1,200 customers are utilizing Snowflake Intelligence for AI capabilities [7] Market Data and Key Metrics Changes - The company added a record 615 new customers in Q3 [5] - The annual world tour saw over 40,000 participants, a 40% year-on-year increase [11] - The annual Build Developer Summit had a 43% increase in attendance year-over-year [11] Company Strategy and Development Direction - Snowflake aims to empower enterprises through data and AI, focusing on operational rigor and product innovation [4] - The company is expanding partnerships with major players like SAP and Google Cloud to enhance data integration and AI capabilities [11][13] - The introduction of Snowflake Intelligence is a key part of the strategy to enhance customer engagement and drive AI adoption [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain growth momentum and operational efficiency [18] - The company is focused on deepening customer relationships and expanding its product offerings [16] - Management highlighted the importance of AI in driving customer value and business growth [9][10] Other Important Information - The company achieved a milestone of $100 million in AI revenue run rate, one quarter earlier than anticipated [9] - The company is committed to maintaining a strong operational rhythm while investing for long-term growth [18] Q&A Session Summary Question: Growth rates on product revenue and Q4 guidance - Management noted that Q3 revenue growth was strong, with a slight impact from a hyperscaler outage [28] Question: Customer adoption of AI products - Management highlighted that Snowflake Intelligence is being adopted across various industries, enhancing data accessibility for business users [30] Question: Go-to-market strategy and new customer wins - Management indicated that AI capabilities are playing a significant role in acquiring new customers and expanding existing relationships [35] Question: Impact of migrations on product revenue - Management stated that migrations are still in early stages, with significant opportunities for growth [43] Question: Zero Copy agreements and their impact - Management explained that Zero Copy agreements facilitate smoother data sharing and collaboration, enhancing customer value [48] Question: Tying Snowflake investments to AI budgets - Management confirmed that many customers are aligning their Snowflake budgets with their AI initiatives, leading to larger contracts [50] Question: Accelerating AI journeys and market standardization - Management emphasized that Snowflake's platform is designed to simplify AI adoption, making it attractive for customers [55]

Financial Data and Key Metrics Changes - Product revenue in Q3 was $1.16 billion, up 29% year over year [4] - Remaining performance obligations totaled $7.88 billion, with year-over-year growth accelerating to 37% [5] - Net revenue retention remained stable at 125% [5] - Non-GAAP product gross margins were 75.9% [18] - Non-GAAP operating margin expanded more than 450 basis points year-over-year to 11% [18] - For Q4, product revenue is expected between $1.195 and $1.2 billion, representing 27% year-over-year growth [19] - FY26 product revenue guidance raised to approximately $4.446 billion, representing 28% year-over-year growth [19] Business Line Data and Key Metrics Changes - Financial services and technology verticals led growth in Q3 [17] - 28% of all use cases deployed during the quarter incorporated AI [9] - 50% of the bookings signed in Q3 were influenced by AI [8] Market Data and Key Metrics Changes - Over 7,300 accounts are using Snowflake's AI capabilities weekly [6] - The company added a record 615 new customers in Q3 [5] - Snowflake surpassed $2 billion in sales through AWS Marketplace in a single calendar year [15] Company Strategy and Development Direction - Snowflake aims to empower enterprises through data and AI, focusing on operational rigor and product innovation [4] - The company is expanding partnerships with major cloud providers and AI model developers to enhance its offerings [16] - New partnerships with companies like SAP and Anthropic are designed to deepen integrations and accelerate enterprise AI adoption [10][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing the importance of AI in driving customer relationships and revenue [8][19] - The company is focused on efficient growth while maintaining financial discipline [21] - Management highlighted the strong demand for Snowflake's AI data cloud and the transformative impact on customer businesses [20] Other Important Information - The company achieved a major milestone of $100 million in AI revenue run rate, one quarter earlier than anticipated [8] - Snowflake maintained a rapid pace of innovation, bringing total GA product capabilities to 370 year-to-date, a 35% increase over last year [11] Q&A Session Summary Question: Growth rates on product revenue and Q4 guidance - Management noted a 29% year-over-year revenue growth and raised FY guidance by $51 million to $4.446 billion, indicating strong underlying customer behavior [22][24] Question: Types of customers using AI products - Management highlighted various customers leveraging Snowflake Intelligence, including the USA Bobsled team and Fanatics, showcasing the product's ability to unlock data access and drive business value [25][27] Question: Go-to-market strategy and new customer wins - Management indicated that Snowflake Intelligence plays a key role in customer acquisition, allowing for hyper-customized demos that demonstrate the platform's value [29] Question: Impact of migrations on product revenue - Management stated that they are still early in the migration process and expect AI to accelerate these migrations, enhancing product value [35] Question: Zero Copy agreements and their impact - Management explained that Zero Copy agreements facilitate smoother data sharing and collaboration, enhancing the overall value proposition for customers [37][38] Question: Customers tying Snowflake investments to AI budgets - Management confirmed that many customers are increasingly linking their Snowflake investments to AI initiatives, leading to larger and longer-term contracts [40] Question: Growth of AI revenue and future milestones - Management indicated that the $100 million AI revenue run rate is primarily driven by the Cortex product suite and expects continued growth in AI adoption [50][59]

Core Insights - Growth in product revenue has slowed in the latest quarter, indicating potential challenges for the company moving forward [1] - Snowflake shares have significantly outperformed peers this year, which raises expectations for upcoming results [1]

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

Core Viewpoint - Snowflake reported third-quarter revenue of $1.21 billion, exceeding analyst expectations of $1.19 billion [1] Revenue Summary - Third-quarter product revenue reached $1.16 billion, surpassing analyst forecasts of $1.14 billion [1] - The company anticipates full-year product revenue of $4.45 billion, slightly above analyst expectations of $4.41 billion and the company's previous estimate of $4.40 billion [1] - For the fourth quarter, the expected product revenue is approximately $1.20 billion, compared to analyst expectations of $1.19 billion [1]