Is Snowflake a Turnaround Story?
Snowflake (NYSE: SNOW) reported better-than-expected second-quarter of fiscal 2023 (ending June 30) earnings performance on Aug. 24, defying concerns about slower usage and longer sales cycles in the software infrastructure segment. Revenues were up by 83% year over year to $497.2 million, ahead of analysts' consensus estimate of $467 million. The company's remaining performance obligations (indicative of the strength of its contract pipeline and future revenue potential) grew 78% year over year to $2.7 billion.
These metrics seem quite exemplary for an early-stage tech company in a quarter when many prominent growth stocks have reported weak numbers due to surging inflation and softening consumer demand.
Snowflake's share price has soared by nearly 18% since its earnings release. Can this company prove to be a turnaround story?
Source Fool.com
