Q4 22 EPS
$-0.43
MISS 1,533.33%
Est. $0.03
Q4 22 Revenue
$383.8M
BEAT +3.00%
Est. $372.6M
vs S&P Since Q4 22
-97.0%
TRAILING MARKET
SNOW -31.6% vs S&P +65.4%
Full Year 2022 Results
FY 22 EPS
$-2.26
FY 22 Revenue
$1.22B
Market Reaction
Did SNOW Beat Earnings? Q4 2022 Results
Snowflake posted a sharply mixed fourth quarter, doubling its top line while falling well short of profit expectations, as the cloud data platform reported Q4 fiscal 2022 revenue of $383.77 million, a 101.5% year-over-year gain that edged past the $3… Read more Snowflake posted a sharply mixed fourth quarter, doubling its top line while falling well short of profit expectations, as the cloud data platform reported Q4 fiscal 2022 revenue of $383.77 million, a 101.5% year-over-year gain that edged past the $372.59 million consensus by 3.00%, yet GAAP earnings per share came in at -$0.43, a steep miss against the $0.03 consensus estimate. The earnings shortfall reflected $167.77 million in stock-based compensation charges that widened the gap between GAAP results and the underlying business momentum; on a non-GAAP basis, Snowflake actually swung to operating profitability with an 18 million dollar gain. The consumption-based model showed its strength through a 178% net revenue retention rate and $2.60 billion in remaining performance obligations, up 99% year-over-year. The company also completed its $800 million acquisition of Streamlit, expanding into data application development. Looking ahead, management guided full-year fiscal 2023 product revenue of $1.88 billion to $1.90 billion, representing 65-67% growth, with a 1% non-GAAP operating income margin.
Key Takeaways
- • 102% year-over-year product revenue growth driven by consumption-based model
- • Net revenue retention rate of 178% driven by continued growth from largest customers
- • Remaining performance obligations of $2.6 billion representing 99% YoY growth
- • Non-GAAP product gross margin improvement to 75% from 70% year-over-year
- • Customer base grew to 5,944 total customers
- • 184 customers with trailing 12-month product revenue greater than $1 million
SNOW YoY Financials
Q4 2022 vs Q4 2021, source: SEC Filings
SNOW Revenue by Segment
With YoY comparisons, source: SEC Filings
“Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth. Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%. Our net revenue retention rate reached 178% driven by continued growth from our largest customers.”
— Frank Slootman, Q4 2022 Earnings Press Release
SNOW Earnings Trends
SNOW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SNOW EPS Trend
Earnings per share: estimate vs actual
SNOW Revenue Trend
Quarterly revenue: estimate vs actual
SNOW Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $0.27 | $0.32 | +18.52% | $1.28B | — |
| FY Full Year | $1.20 | $1.25 | +3.84% | $4.68B | +0.62% |
| Q3 26 BEAT | $0.31 | $0.35 | +12.47% | $1.21B | +2.44% |
| Q2 26 BEAT | $0.27 | $0.35 | +31.33% | $1.14B | +5.29% |
| Q1 26 BEAT | $0.21 | $0.24 | +13.15% | $1.04B | +3.62% |
| Q4 22 MISS FY | $0.03 | $-0.43 | -1,533.33% | $383.8M | +3.00% |
| FY Full Year | — | $-2.26 | — | $1.22B | — |