Snowflake (SNOW) Q1 2024 Earnings

The New York Stock Exchange welcomed Snowflake (NYSE: SNOW ) on Tuesday. December 21, 2021 will usher in the first day of Lidong.

New York Stock Exchange

Cloud Data Platform Provider Shares snowflake The company fell more than 12% in extended trading on Wednesday Issue Weak Guidance in its earnings report will get Search startup Neeva for an undisclosed amount.

Here’s how the company does it:

  • EPS: It was an adjusted 15 cents, compared with analysts’ expectations for 5 cents, according to Refinitiv data.
  • income: Analysts expected $624 million, compared with analysts’ expectations of $608 million, according to Refinitiv data.

The company’s fiscal first-quarter revenue rose 48% year-over-year, but that growth was slower than the 85% year-over-year increase. The majority of Snowflake’s sales come from product revenue, which grew 50% year-over-year. Product revenue comes from using Snowflake’s software to store and run queries on data stored in its systems.

Snowflake said it expects product revenue in the fiscal second quarter to be in the range of $620 million to $625 million. That would represent a year-over-year increase of 33% to 34%. The forecast was well below StreetAccount’s estimate of $649 million.

For fiscal 2024, Snowflake calls for $2.6 billion in product revenue. The StreetAccount consensus is $2.7 billion.

Snowflake also announced plans to acquire Neeva, a privacy-focused search company co-founded by former Google executive Sridhar Ramaswamy. Snowflake’s co-founder and president of product, Benoit Dageville, wrote in a blog post that the company intends to “infuse and leverage” Neeva’s AI-equipped search product in its cloud service. Terms of the deal were not disclosed.

“Neeva allows us to leverage some of the most cutting-edge search technologies to take search and conversations in Snowflake to the next level,” Dageville wrote.

The acquisition comes days after Neeva, which was Established in 2019said it would closure Its consumer search engine is focused on developing use cases for artificial intelligence and large language models.

The company will hold a quarterly conference call with investors at 5 p.m. ET on Wednesday.

— CNBC’s Ashley Capoot contributed to this article.

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