Snowflake(US:SNOW) ZACKS·2024-11-21 00:00Core Insights - Snowflake Inc. reported revenue of $942.09 million for the quarter ended October 2024, marking a year-over-year increase of 28.3% [1] - The company's EPS for the same period was $0.20, down from $0.25 a year ago, but exceeded the consensus estimate of $0.15, resulting in an EPS surprise of +33.33% [1] - The reported revenue surpassed the Zacks Consensus Estimate of $898.77 million, yielding a surprise of +4.82% [1] Financial Metrics - Remaining performance obligations stood at $5.70 billion, exceeding the four-analyst average estimate of $5.35 billion [3] - The number of customers with trailing 12-month product revenue greater than $1 million was 542, matching the average estimate based on two analysts [3] - Product revenue was reported at $900.28 million, surpassing the 10-analyst average estimate of $853.19 million, reflecting a year-over-year change of +28.9% [3] - Revenue from professional services and other sources was $41.81 million, slightly above the estimated $40.45 million, representing a +17.1% change year-over-year [3] - Non-GAAP Product Gross Profit was $686.90 million, exceeding the estimated $637.69 million [3] - GAAP Product gross profit was reported at $636.66 million, compared to the average estimate of $595.25 million [3] - GAAP Professional Services and Other Revenue Gross Profit (Loss) was -$15.46 million, worse than the average estimate of -$12.39 million [3] Stock Performance - Over the past month, shares of Snowflake have returned +12.8%, outperforming the Zacks S&P 500 composite's +1% change [4] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [4]