Data warehouse-as-a-service Snowflake (NYSE:SNOW) will be announcing earnings results tomorrow after market close. Here’s what to expect.

Snowflake beat analysts’ revenue expectations by 2.1% last quarter, reporting revenues of $868.8 million, up 28.9% year on year. It was a mixed quarter for the company, with a solid beat of analysts’ EBITDA estimates but a significant miss of analysts’ billings estimates. It added 25 enterprise customers paying more than $1 million annually to reach a total of 510.

Is Snowflake a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Snowflake’s revenue to grow 22.4% year on year to $898.5 million, slowing from the 31.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.15 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Snowflake has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 2.8% on average.

Looking at Snowflake’s peers in the data and analytics software segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Commvault Systems delivered year-on-year revenue growth of 16.1%, beating analysts’ expectations by 5.6%, and DigitalOcean reported revenues up 12.1%, topping estimates by 0.9%. Commvault Systems traded up 18.4% following the results while DigitalOcean was down 12.2%.

Read our full analysis of Commvault Systems’s results here and DigitalOcean’s results here.

There has been positive sentiment among investors in the data and analytics software segment, with share prices up 8.6% on average over the last month. Snowflake is up 6.8% during the same time and is heading into earnings with an average analyst price target of $164.58 (compared to the current share price of $127.70).

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