Snowflake is set to report earnings this Wednesday after market hours, with analysts expecting revenue to grow 29.5% year on year, slowing from the 31.8% increase recorded in the same quarter last year. In the previous quarter, the company beat revenue expectations with $1.39 billion, up 33.5% year on year, and added 46 enterprise customers paying more than $1 million annually, bringing the total to 779. Analysts have generally reconfirmed their estimates over the last 30 days, and Snowflake has a history of exceeding Wall Street's expectations. Among its peers, DigitalOcean reported revenue growth of 28.6% and Commvault 11.4%, with both beating estimates but seeing share price declines. Snowflake's stock is up 8.2% over the last month, and the average analyst price target is $330.41, compared to the current share price of $332.75.
Snowflake Inc.Earnings preview: revenue growth expected to slow to 29.5% YoY, with analyst price target of $330.41 versus current price of $332.75.
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