5 Stocks Drawing Attention on Quarterly Results

2. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 81

Shares of Snowflake Inc. (NYSE:SNOW) plummeted to a new 52-week low in the pre-market trading session on Thursday, May 26, 2022, following a mixed financial performance for its fiscal first quarter and a weak sales outlook for the current quarter.

Snowflake Inc. (NYSE:SNOW) reported a loss of 53 cents per share, compared to a loss of 70 cents per share in the year-ago period. On the contrary, analysts were looking for earnings of 1 cent per share.

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On the positive side, Snowflake Inc. (NYSE:SNOW) posted revenue of $422.37 million, representing a surge of 85 percent over the same period of 2021. It was also higher than the consensus of $412.76 million. Moreover, product revenue for the quarter jumped 84 percent to $394.4 million, accounting for nearly 84 percent of the total sales.

Looking forward, Snowflake Inc. (NYSE:SNOW) expects to generate product revenue in the range of $435 – $440 million for its fiscal second quarter, below analysts’ average estimate of $466.15 million.