Top Earnings| SNOW plunged 14% on weak guidance; PANW topped EPS and Revenue

Tiger_Earnings
2023-05-25

As the earnings season is coming to an end, some growth stocks released their earnings.

1. $Snowflake(SNOW)$ - 13% as the company issued weak guidance

Shares of cloud data platform provider Snowflake slid more than 13% in extended trading on Wednesday after the company issued weak guidance in its earnings report and said it will acquire search startup Neeva for an undisclosed amount.

 

Adjusted EPS: 15 cents vs. 5 cents expected by analysts

Revenue: $624 mln vs. $608 mln expected by analysts

Guidance: $625 mln vs. $649 mln

Snowflake beat on the top and bottom lines for the fiscal first quarter, but it gave product revenue guidance that missed consensus estimates.

The cloud software company expects product revenue will be between $620 million and $625 million in the fiscal second quarter. Analysts polled by StreetAccount had predicted $649 million.

For the 2024 fiscal year, Snowflake called for product revenue of $2.6 billion. The StreetAccount consensus was $2.7 billion.

2. $Palo Alto Networks(PANW)$ up 7% after it topped estimates on EPS and revenue

Palo Alto Networks gained 7.68% after the company’s fiscal third-quarter earnings and revenue topped estimates.

The cybersecurity company posted adjusted earnings of $1.10 per share and revenue of $1.72 billion. Analysts polled by Refinitiv had estimated earnings of 93 cents per share and $1.71 billion in revenue. The company’s earnings guidance for the fiscal fourth quarter also surpassed expectations.

Adjusted EPS: $1.10 vs. 93 cents expected by analysts

Revenue: $1.72 bln vs. $1.71 bln expected by analysts

Reflecting elevated focus on profitability, Palo Alto improved 2023 guidance, boosting free cash flow margin and operating margin.

# Focus on Q1 Earnings

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