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2021-05-28
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Why Snowflake Stock Dropped -- Then Popped -- After Earnings
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Rosenblatt thought those expectations conservative, and thereforeupgraded the stockin expectation of a sales beat. As it turned out, the analyst was right about that.</p><p>Snowflake reported $228.9 million in Q1 sales.</p><p><b>So what</b></p><p>That's the good news. The bad news is that despite beating on sales, Snowflake appears to have missed -- badly -- on earnings, reporting a per-share loss of $0.70 per share.</p><p>So on the one hand, Snowflake had a great quarter for growth. Product revenue alone (the bulk of Snowflake's business) grew 110% year over year. So, too, did total revenue -- up 110%. And CEO Frank Slootman hailed this triple-digit growth as \"reflecting strength in customer consumption.\"</p><p>At the same time, however, Snowflake scored an operating profit margin of negative 90% on those sales, according to generally accepted accounting principles (GAAP) -- not good.</p><p><b>Now what</b></p><p>Will it get better? In one sense, maybe yes. In another sense, though -- probably not. Forecasting results for the fiscal second quarter of 2022, Snowflake says its product revenue will continue to grow strongly, up 88% to 92% to a range from $235 million to $240 million. However, management says that its pro forma operating profit margin on those sales will be negative 19%.</p><p>Management didn't give a GAAP estimate for operating margin, but seeing as its pro forma margin in Q1 was negative 1<i>6</i>%, this suggests that margins are weakening, not strengthening, even as Snowflake's revenue grows.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Snowflake Stock Dropped -- Then Popped -- After Earnings</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Snowflake Stock Dropped -- Then Popped -- After Earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-28 15:17 GMT+8 <a href=https://www.fool.com/investing/2021/05/27/why-snowflake-stock-dropped-after-earnings/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Snowflake crushed on sales growth in the first quarter, but missed badly on earnings.What happenedShares ofcloud computing softwarecompany Snowflake(NYSE:SNOW)tumbled more than 6% early this morning, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/27/why-snowflake-stock-dropped-after-earnings/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNOW":"Snowflake"},"source_url":"https://www.fool.com/investing/2021/05/27/why-snowflake-stock-dropped-after-earnings/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196863190","content_text":"Snowflake crushed on sales growth in the first quarter, but missed badly on earnings.What happenedShares ofcloud computing softwarecompany Snowflake(NYSE:SNOW)tumbled more than 6% early this morning, after reporting earnings last night -- and just a couple weeks after analysts at Rosenblatt Securities had given the all-clear and predicteda strong first quarter for Snowflake.As of 2:30 p.m. EDT, however, the stock has turned around and is nowup3.3%.Heading into the fiscal first quarter of 2022 (that's right, Snowflake's financial calendar is a year ahead), analysts were looking for Snowflake to report sales of $212.9 million, and lose only $0.16 per share on those sales. Rosenblatt thought those expectations conservative, and thereforeupgraded the stockin expectation of a sales beat. As it turned out, the analyst was right about that.Snowflake reported $228.9 million in Q1 sales.So whatThat's the good news. The bad news is that despite beating on sales, Snowflake appears to have missed -- badly -- on earnings, reporting a per-share loss of $0.70 per share.So on the one hand, Snowflake had a great quarter for growth. Product revenue alone (the bulk of Snowflake's business) grew 110% year over year. So, too, did total revenue -- up 110%. And CEO Frank Slootman hailed this triple-digit growth as \"reflecting strength in customer consumption.\"At the same time, however, Snowflake scored an operating profit margin of negative 90% on those sales, according to generally accepted accounting principles (GAAP) -- not good.Now whatWill it get better? In one sense, maybe yes. In another sense, though -- probably not. Forecasting results for the fiscal second quarter of 2022, Snowflake says its product revenue will continue to grow strongly, up 88% to 92% to a range from $235 million to $240 million. However, management says that its pro forma operating profit margin on those sales will be negative 19%.Management didn't give a GAAP estimate for operating margin, but seeing as its pro forma margin in Q1 was negative 16%, this suggests that margins are weakening, not strengthening, even as Snowflake's revenue grows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":31,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/135751821"}
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