Snowflake is scheduled to report earnings on November 29, when investors will be watching closely for updates on the company’s artificial intelligence software.
The cloud-computing data management company is expected to post earnings of $0.16 per share on revenue of $713.06 million.
“We left SNOW's product day upbeat about the latest innovations but with tempered expectations on near-term revenue contribution given that these products are in preview,” analysts at Jefferies wrote in a note to clients.
The company recently announced Snowflake Cortex, a service that hosts and serves AI models; Universal Search, a consolidated data cloud search tool; and Snowflake Copilot, a large language model-powered assistant.
“We believe SNOW is positioning itself well to capture a larger share of AI workloads in the medium to long term with today's product announcements,” they added. “We have said in the past that SNOW needs to move downstream to the mass market to unlock the next leg of growth.”
These features are currently in private preview, the firm noted.
Jefferies holds a Buy rating and $205 price target for the stock. Snowflake shares traded 2.6% higher at $170.97 Wednesday afternoon.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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