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Snowflake ( NYSE:SNOW ) is set to release its second quarter Fiscal 2024 results on August 23, after the market closes. Snowflake has consistently outpaced earnings expectations in the past eight quarters. It will be interesting to see if SNOW can continue its winning streak in the to-be-reported quarter despite a weaker economy. Two key points to monitor during the quarterly results are a slowdown in cloud spending and the company's previous decision to cut its revenue outlook for Fiscal 2024.   What to Expect from SNOW’s Q2 Results In Fiscal Q2 2024, the Street expects Snowflake to report adjusted earnings of $0.10 per share on revenues of $662.22 million. In the prior year period, SNOW posted adjusted earnings of $0.01 per share on revenues of $497.25 million. Snowflake offers a cloud-based data storage and analytics service. Its platform enables companies to consolidate, analyze, store, and share troves of data. Some of its largest business partners include big tech firms, namely Amazon ( NASDAQ:AMZN ), Microsoft ( NASDAQ:MSFT ), and Alphabet ( NASDAQ:GOOGL ). Further, Snowflake announced an extension of its partnership with Microsoft and committed to spending up to $2.5 billion on Amazon Web Services (AWS) over the next five years. Also, Snow will be helping Nvidia ( NASDAQ:NVDA ) in creating generative artificial intelligence (AI) software. All of these factors could contribute to Snowflake’s long-term progress. What Analysts are Saying About SNOW’s Q2 Results Ahead of Snowflake’s Q2 print, JMP Securities analyst Patrick Walravens maintained a Buy rating and price target of $200 (implying 31.7% upside potential) on SNOW stock. Walravens is impressed by Snowflake’s disruptive cloud data platform, which has a total addressable market of $250 billion. Plus, the company’s Snowpark is steadily attracting higher consumption, with 30% of clients using the service, up almost 70% quarter-over-quarter as of the most recent results. Also, the analyst believes that Snowflake is poised to benefit from the enterprise’s growing usage of AI. Similarly, analyst William Power of Robert W. Baird reiterated his Buy rating on SNOW stock with a price target of $200. Power is encouraged by Snowflake’s long-term growth potential, even though short-term uncertainties could impact the firm's performance. Also, the analyst noted that SNOW’s ability to manage large amounts of data on the cloud is commendable. Overall, Power expects optimization headwinds and stiff competition from hyperscalers as the two caveats to its earnings. Is SNOW a Good Stock to Buy, According to Analysts? Wall Street is currently cautiously optimistic about SNOW’s trajectory. On TipRanks, Snowflake stock has a Moderate Buy consensus rating based on 25 Buys, seven Holds, and one Sell rating. The average Snowflake price target of $189.83 implies 24.3% upside potential from current levels. Meanwhile, SNOW stock has gained 12.1% so far this year. Insights from Options Trading Activity TipRanks now presents options activity to help investors plan their trades ahead of earnings releases.  Options traders are pricing in SNOW stock to move by +/-11.1% after reporting earnings. Last quarter, the stock fell by 16.50% following the downward revision in Fiscal 2024 product revenues from the company. The anticipated earnings move is determined by computing the at-the-money straddle of the options closest to the expiration after the earnings announcement. Ending Thoughts Snowflake’s Q2 earnings could outperform market expectations based on its historical track record. Even so, short-term headwinds could continue to dampen the stock’s performance in the near term. Nonetheless, a high number of analysts remain bullish about Snowflake’s long-term trajectory. Disclosure

From yesterday’s close to today’s open there has been a flurry of interesting late-season earnings reports.

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