Shares of Snowflake (NYSE:SNOW) lost substantially in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $0.15, which beat analysts’ consensus estimate of $0.06 per share. Sales increased by 47.6% year-over-year, with revenue hitting $623.6 million. This beat analysts’ expectations of $608.7illion.
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Snowflake offered up some segment data, noting that it now has 373 customers with trailing 12-month product revenue over $1 million and counts 590 members of the Forbes Global 2000 as customers. Its net revenue retention rate is now 151%.
Snowflake also offered up guidance for the second quarter and for the full year 2024. For the second quarter, it expects revenue of between $620 million and $625 million. As for the full year, it expects revenue of around $2.6 billion.
Overall, Wall Street has a consensus price target of $189.95 on Snowflake, implying 7.47% upside potential, as indicated by the graphic above.
