Cloud-based data giant Snowflake Inc (NYSE:SNOW) looks to keep positive momentum from the past month going when the company reports first-quarter financial results Wednesday after market close.
Here are the earnings estimates, what experts are saying ahead of the report and the key items to watch.
Snowflake Q1 Earnings Estimates
Analysts expect Snowflake to report first-quarter revenue of $1.32 billion, up from $1.04 billion in last year's first quarter, according to data from Benzinga Pro.
The company has beaten analyst estimates for revenue in more than 20 straight quarters.
Analysts expect Snowflake to report first-quarter earnings per share of 14 cents, down from 24 cents per share in last year's first quarter.
The company has beaten analyst estimates for earnings per share in seven straight quarters and in nine of the last 10 quarters overall.
What Experts Are Saying
Snowflake's earnings could come at the perfect time with shares down 17% year-to-date. Freedom Capital Markets Chief Market Strategist Jay Woods said the stock has traded higher after five of its last six quarterly reports, with a current implied move of +/- 10.85%.
"Investors are watching two metrics – AI consumption trends and Net Revenue Retention," Woods said in a weekly newsletter.
Woods said Snowflake hit its $100 million AI revenue run rate a quarter ahead of schedule.
"Investors want to see that they are still accelerating and that customers are deepening their commitment to the platform. A pickup in consumption commentary could be a necessary catalyst."
Snowflake guided for first-quarter product revenue of $1.262 billion to $1.267 billion. Wood said this represents 27% year-over-year growth, down from the fourth-quarter pace of 30%.
"Investors are hoping Wednesday's print proves that deceleration was a speed bump, not a trend."
Woods said Snowflake stock could gain around $30 on good news, with a rally back to its 200-day moving average. A weak report could send shares down to $156 and $142, which are support levels.
Cantor Fitzgerald analyst Thomas Blakey maintained an Overweight rating on Snowflake ahead of earnings, while lowering the price target from $250 to $225.
The analyst said investor expectations may be heightened for the report and there could be limited updates with Snowflake set to host an Analyst Day on June 2.
"We believe Snowflake remains well positioned to expand spend with existing customers and be a core part of the enterprise AI data stack over time," Blakey said.
Here are other recent analyst ratings on Snowflake stock and their price targets:
- Rosenblatt: Maintained Buy rating, with price target $275
- Citizens: Reiterated Market Outperform rating, with price target $235
- UBS: Maintained Buy rating, lowered price target from $235 to $210
Key Items to Watch
Recent financial data from Snowflake shows strong growth and the company's growing push into AI. Shares have gotten hit over the last year despite consistently beating analyst estimates for revenue and earnings per share.
The company ended the fourth quarter with remaining performance obligations of $9.77 billion, up 42% year-over-year. With the company likely keeping some key data points to highlight at its Analyst Day, the remaining performance obligations could be one of the key figures to watch.
Snowflake shares have been volatile on recent earnings days, with the stock trading higher in many recent cases after quarterly results, but often didn't hold on to the rally.
Snowflake Stock Price Action
Snowflake shares are up 4.04% to $179.16 at the time of publication on Tuesday, versus a 52-week trading range of $118.30 to $280.67. Snowflake stock is down 17.3% year-to-date in 2026, but shares have rallied over 24% in the last month.
Photo: Grand Warszawski / Shutterstock
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