Snowflake Inc. (SNOW) is scheduled to release its first-quarter fiscal 2027 results on May 27, 2023. The Zacks Consensus Estimate for earnings stands at 32 cents per share, reflecting a year-over-year growth of 33.33%. Expected revenues for the quarter are pegged at $1.32 billion, an increase of 26.85% compared to the same quarter last year.
Snowflake has experienced notable growth in its customer base, as indicated by a net revenue retention rate of 125% in the fourth quarter of fiscal 2026. The company added 740 new customers, marking a 40% increase year-over-year. It currently boasts 733 customers who spend over $1 million annually, up 27% from the previous year.
While Snowflake’s first-quarter product revenue is projected between $1.262 billion and $1.267 billion, indicating 27% growth year-over-year, challenges include declining gross margins due to AI product investments and competitive pressures from major players like Oracle, Amazon, and Alphabet.
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