NYSE$SNOW
Snowflake Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Snowflake's revenue grew, driven by product revenue and a high net revenue retention rate.
Snowflake reported strong second-quarter results with revenue reaching $674.0 million, a 36% year-over-year increase. Product revenue was a key driver, growing 37% to $640.2 million. The company's net revenue retention rate remained high at 142%, and it continues to expand its customer base, with 402 customers generating over $1 million in trailing 12-month product revenue.
- Total revenue reached $674.0 million, up 36% year-over-year.
- Product revenue grew to $640.2 million, a 37% year-over-year increase.
- Net revenue retention rate was 142% as of July 31, 2023.
- Remaining performance obligations reached $3.5 billion, representing 30% year-over-year growth.
Headline financials
Revenue & EPS history
Snowflake · Revenue · Quarterly
$674M
Revenue by segment
Snowflake · $674M total across 2 segments · Q2 2024
- Product Revenue$640M+37.3%95.0%
- Professional Services & Other$33.8M+9.1%5.0%
Forward guidance
Snowflake provided guidance for the third quarter of fiscal year 2024, expecting product revenue between $670 million and $675 million.
Tailwinds
- Expecting product revenue between $670 million and $675 million.
- Full-year fiscal 2024 product revenue expected to be $2.6 billion, representing 34% year-over-year growth
- Full-year product gross profit margin expected to be 76%
- Full-year operating income margin expected to be 5%
- Adjusted free cash flow expected to be 26%
Headwinds
- Third quarter operating income margin expected to be 4%
- Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted expected to be 364 million
- The potential impact of future repurchases under our existing stock repurchase program is not reflected in our guidance due to the uncertainty regarding the timing and amount of repurchases.
- A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding expenses that may be incurred in the future.
- Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2024
+3.2%
Avg return
Earnings day
+1.5%
Avg return
5 days after
-0.9%
Avg return
30 days after
56%
14 / 25 earnings
Positive
+36.1%
Q1 2027
Best reaction
-19.5%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | +36.1% | +48.7% | — | |
| Q4 2026 | +2.2% | -2.0% | -9.7% | |
| Q3 2026 | -11.4% | -16.0% | -18.2% | |
| Q2 2026 | +20.2% | +16.6% | +12.1% | |
| Q1 2026 | +13.5% | +15.2% | +18.4% | |
| Q4 2025 | +4.5% | +4.5% | -9.4% | |
| Q3 2025 | +31.6% | +31.6% | +27.7% | |
| Q2 2025 | -12.7% | -10.6% | -16.4% | |
| Q1 2025 | -5.0% | -4.0% | -21.5% | |
| Q4 2024 | -19.5% | -24.0% | -30.9% | |
| Q3 2024 | +9.4% | +9.8% | +16.0% | |
| Q2 2024 | -3.2% | -2.5% | -1.9% | |
| Q1 2024 | -15.6% | -14.4% | +1.8% | |
| Q4 2023 | -12.4% | -8.0% | -0.1% | |
| Q3 2023 | +12.8% | -0.7% | +5.1% | |
| Q2 2023 | +28.2% | +21.8% | +12.5% | |
| Q1 2023 | -2.2% | +0.2% | +16.9% | |
| Q4 2022 | -14.9% | -26.7% | -10.8% | |
| Q3 2022 | +5.9% | +0.4% | -0.4% | |
| Q2 2021 | +3.0% | +3.8% | +0.9% | |
| Q2 2022 | +8.5% | +5.9% | +12.5% | |
| Q1 2022 | +6.6% | +3.5% | +7.4% | |
| Q4 2020 | -8.0% | -20.9% | -12.5% | |
| Q4 2021 | -8.0% | -20.9% | -12.5% | |
| Q3 2021 | +11.2% | +27.3% | -7.9% | |
| Q1 2021 | — | — | — | |
| Q3 2020 | — | — | — | |
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| Q4 2015 | — | — | — | |
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| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — |
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