Just been looking at what Wall Street expects from Snowflake's upcoming earnings, and there's some interesting stuff in the projections. The SNOW stock consensus is pointing to about $0.27 EPS, which would be down 10% year-over-year, but revenues are expected to hit $1.25 billion—that's solid 26.9% growth from last year. No revisions on the EPS estimate over the last month, which suggests analysts are pretty confident in their numbers.

What caught my attention is the breakdown of the metrics. Product revenue alone should come in around $1.20 billion (also +26.9% YoY), with professional services adding another $54 million or so. The company's remaining performance obligations are projected at $8.89 billion compared to $6.90 billion a year ago, which is pretty bullish. Customer count is expected to grow to 13,106 from 11,159, and they're tracking 729 customers with over $1M in trailing 12-month revenue versus 580 last year.

On the profitability side, non-GAAP product gross profit is looking at around $890 million versus $715 million last year, and GAAP product gross profit around $838 million compared to $670 million. So the Snowflake stock story here is basically revenue growth holding up strong while they're also improving margins.

That said, SNOW stock has been down about 15% over the past month, which is underperforming the broader market. With a neutral rating, the near-term outlook seems to be tracking with overall market sentiment. Worth monitoring how actual results compare to these projections when they report.