TMTB: SNOW first take

SNOW +14%: Looks very solid with much better product revs and guide and better margins

Against low expects, will be well received by investors and give further confidence consumption is improving

SNOW GUIDANCE: Q4
- Guides product revenue $906M to $911M, EST $890.7M Bogey: $875M
- Guides ADJ operating margin 4%
RESULTS: Q3
- Revenue $942.1M, +28% y/y, EST $898.6M
- Product revenue $900.3M, +29% y/y, EST $856.6M; Bogey: $900M
- Professional services and other revenue $41.8M, +17% y/y, EST $40.8M
- Loss per share $0.98 vs. loss/shr $0.65 y/y
- Net revenue retention rate 127% vs. 135% y/y, EST 124.2%
- Current remaining performance obligation $5.7B, +54% y/y, EST $5.22B
- ADJ gross margin 73% vs. 75% y/y, EST 71.8%
- ADJ diluted EPS $0.20 vs. $0.25 y/y, EST $0.15