Is Snowflake Stock a Buy?
Snowflake (NYSE: SNOW) posted its latest earnings report on Aug. 23. For the second quarter of fiscal 2024, which ended on July 31, the cloud-based data warehousing company's revenue rose 36% year over year to $674 million and exceeded analysts' estimates by $12 million. Within that total, its product revenue climbed 37% to $640 million.
Snowflake's adjusted net income surged more than 17 times year over year to $80 million, or $0.22 per share, and cleared the consensus forecast by $0.12 per share. But on a generally accepted accounting principles (GAAP) basis, its net loss still widened from $223 million to $227 million. Snowflake's stock rallied slightly after that earnings beat, but it remains more than 60% below its all-time high set in late 2021. Is it finally the right time to turn bullish on this data specialist?
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Source Fool.com
