Software customers spent the past few quarters “optimizing” their spending, and Snowflake Inc. is about to show whether those pressures are mitigating.
The company cut its forecast alongside its last report, and Wood sees a “de-risked” setup this time around, meaning that Snowflake could deliver “solid upside.”What to expect Earnings: Analysts tracked by FactSet expect Snowflake to post 10 cents a share in adjusted earnings for its July-ended quarter, compared with a penny a share in the year-prior period.
Stock movement: Snowflake shares have made dramatic moves following five of the company’s past seven earnings reports, moving by double digits on a percentage basis in the following session. The stock has declined after four of the software company’s past seven reports.What else to watch for Recent commentary from cloud-service providers bodes well for Snowflake’s report, according to Deutsche Bank’s Brad Zelnick, who thinks the company can break a streak of two downbeat reports.
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