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“Last year, we saw certain customers experienced much higher-than-expected consumption their own businesses were growing extremely fast,” Mike Scarpelli, Snowflake’s finance chief, said on a conference call with analysts.
“Today, some customers face a more challenging operating environment specific customers consume less than we anticipated, amid shifting economic circumstances, we believe are unique to their businesses, most notably consumer-facing cloud companies. Although these customers are still growing, we believe as long as they are impacted by macroeconomic headwinds, the consumption will be impacted.”
The past two weeks of May were very strong, but macroeconomic concerns the executive team has been hearing about now has the company feeling more cautious, Scarpelli said.
With respect to guidance, management called for 71% to 73% fiscal second-quarter product revenue growth and an adjusted operating margin of -2%. Analysts polled by StreetAccount had expected 72% growth and an adjusted margin of 0.3%.
For the full fiscal year, Snowflake continues to see 65% to 67% product revenue growth and a 1% adjusted operating margin. The StreetAccount consensus was about 66% product revenue growth and an adjusted operating margin of 1%.