(May 27) Snowflake shares slide over 3% despite beating Q1 revenue estimates with $228.9M, up 110% Y/Y. GAAP loss per share was $0.70,which might not be comparable to consensus estimates. Snowflake shares tend to pull back after earnings due to the high valuation.
- Snowflake Q1 GAAP EPS of -$0.70misses by $0.19.
- Revenue of $228.9M (+110.4% Y/Y)beats by $15.54M.
- Product revenue of $213.8 million, representing 110% year-over-year growth
- Remaining performance obligations of $1.4 billion, representing 206% year-over-year growth
- 4,532 total customers
- Net revenue retention rate of 168%
- 104 customers with trailing 12-month product revenue greater than $1 million
Guidance:
- Q2 Product revenue of $235M-$240M, up 88%-92%, operating margin -19%.
- FY22 Product revenue of $1.02B-$1.04B vs. prior guidance of $1B-$1.02B, operating margin -17%.
