Snowflake (SNOW) reported fourth-quarter fiscal 2024 non-GAAP earnings of 35 cents per share, beating the Zacks Consensus Estimate of 17 cents per share. The company reported earnings of 14 cents per share in the year-ago quarter.Revenues of $774.7 million beat the consensus mark by 1.95% and rallied 31.5% year over year. Americas, EMEA and APJ contributed 80%, 15% and 5% to revenues, respectively.In the fourth quarter, Snowflake added 83 customers, with product revenues exceeding $5 million in the trailing ...

Shares of Snowflake dropped 19% in Thursday morning trading, a day after the cloud software company announced that billionaire CEO Frank Slootman will retire and be replaced by Sridhar Ramaswamy, former Google ad chief. Slootman will remain chairman of the board.The company also reported fourth-quarter earnings results and a weaker-than-expected first-quarter outlook on Wednesday. Snowflake said its first-quarter product revenue will total between $745 million and $750 million, compared to analysts' estimat ...

Cloud platform company Snowflake (NASDAQ:SNOW) saw an avalanche of sell orders after announcing a weak 2025 outlook and the retirement of CEO Frank Slootman.Sridhar Ramaswamy will replace Slootman. He joined the company last May when Snowflake acquired his generative artificial intelligence (AI) search startup, Neeva.SNOW stock fell 22% overnight to about $179 from $230, a loss of about $17 billion in market capitalization.Snowflake’s AI OutlookAnalysts had no trouble with Snowflake’s quarterly results. The ...

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Hello and welcome to the Q4 Fiscal Year 24 Snowflake Earnings Call. My name is Alex. I'll be coordinating the call today. If you'd like to ask a question at the end of the presentation, you can press star followed by one on your telephone keypad. I'll now hand over to your host, Katherine McCracken, Senior Manager, Investor Relations. Please go ahead. Good afternoon and thank you for joining us on Snowflake's Q4 Fiscal Year 2024 Earnings Call. With me in Bozeman, Montana are Sridhar Ramaswamy, our Chief Exe ...

Core Viewpoint - Snowflake's CEO Frank Slootman has stepped down immediately, raising concerns among investors despite his continued role as Chairman of the Board [1][3]. Company Leadership Transition - Slootman, a notable figure in technology, has a history of leading companies but lacks experience as a product builder or founder [2]. - Sridhar Ramaswamy, previously Senior Vice President of AI at Snowflake, will succeed Slootman, potentially bringing a fresh perspective as the company aims to expand beyond data warehousing [3]. Financial Performance - For the 12 months ending January 31, Snowflake reported total revenue of $2.8 billion, reflecting a 33% year-over-year increase, with software services revenue growing by 38% to $2.7 billion [4]. - The company ended the year with $5.2 billion in remaining performance obligations (RPO), expecting to recognize half as revenue within the next year [4]. Revenue Retention Concerns - Snowflake's net revenue retention rate (NRR) stands at 131%, but it has declined for seven consecutive quarters, indicating potential challenges in maintaining revenue [5]. Market Outlook - The global tech spending is projected to reach $6.5 trillion by 2027, with IT and software services expected to be the largest segments, which could benefit Snowflake [6]. - The increasing prominence of artificial intelligence in tech stocks is likely to accelerate spending on cloud-based products, presenting opportunities for Snowflake [6]. Investor Sentiment - Following the announcement of Slootman's resignation, Snowflake's stock fell over 20% in after-hours trading, reflecting investor apprehension about the leadership change [3]. - Investors are advised to monitor Snowflake's performance in the upcoming quarters to assess the impact of the leadership transition and the company's ability to capture a share of the AI market [7].

Core Insights - Snowflake Inc. reported $774.7 million in revenue for the quarter ended January 2024, marking a year-over-year increase of 31.5% and an EPS of $0.35 compared to $0.14 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $759.86 million by 1.95%, and the EPS surpassed the consensus estimate of $0.17 by 105.88% [1] Financial Performance Metrics - Remaining performance obligations stood at $5.20 billion, exceeding the four-analyst average estimate of $4.64 billion [2] - The number of customers with trailing 12-month product revenue greater than $1 million was 461, slightly below the average estimate of 476 [2] - Product revenue was reported at $738.09 million, surpassing the average estimate of $719.76 million, reflecting a year-over-year change of 32.9% [2] - Professional services and other revenue reached $36.61 million, which was below the average estimate of $37.63 million, with a year-over-year change of 8.7% [2] - Non-GAAP Gross profit for product was $576 million, exceeding the two-analyst average estimate of $524.56 million [2] Stock Performance - Shares of Snowflake Inc. have returned +13.5% over the past month, outperforming the Zacks S&P 500 composite's +4% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

ToplineCloud computing company Snowflake’s stock tanked more than 20% in after-hours trading Wednesday after the company announced billionaire CEO Frank Slootman is retiring.Slootman joined Snowflake in 2019.Christie Hemm Klok/The Forbes Collection Key FactsSnowflake’s stock closed down nearly 2% on Wednesday at $230, later plunging as much as 24% in after-hours trading to around $173. Slootman, who has been with the company for nearly five years and was instrumental in its historic IPO, will continue as t ...

Snowflake Inc. (SNOW) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 105.88%. A quarter ago, it was expected that this company would post earnings of $0.15 per share when it actually produced earnings of $0.25, delivering a surprise of 66.67%.Over the last four quarters, the company ...

SNOWFLAKE INVESTOR PRESENTATION Fourth Quarter Fiscal 2024 © 2024 Snowflake Inc. All Rights Reserved Statement Regarding Use of Non-GAAP Financial Measures Thispresentationincludescertainnon-GAAPfinancialmeasures,whichhavenotbeenpreparedinaccordancewithgenerallyacceptedaccountingprinciplesintheUnitedStates(GAAP).Thesenon-GAAPfinancial measuresareinadditionto,andnotasasubstitutefor,orsuperiorto,financialmeasurescalculatedinaccordancewithGAAP.Thereareanumberoflimitationsrelatedtotheuseofthesenon-GAAPfinancial ...