Data warehouse-as-a-service Snowflake (NYSE:SNOW) will be reporting earnings tomorrow after the bell. Here's what to look for.

Last quarter Snowflake reported revenues of $734.2 million, up 31.8% year on year, beating analyst revenue expectations by 2.9%. It was a good quarter for the company, with a decent beat of analysts' revenue estimates. Its gross margin improved and its non-GAAP operating profit outperformed expectations by a healthy margin. To add to the positives, Q4 guidance for product revenue was higher than Wall Street estimates, and the company raised its full year guidance for product revenue, gross and operating profit, and free cash flow. The company added 34 enterprise customers paying more than $1m annually to a total of 436.

Is Snowflake buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Snowflake's revenue to grow 29.1% year on year to $760.2 million, slowing down from the 53.5% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.18 per share.

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 3.1%.

Looking at Snowflake's peers in the data and analytics software segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. Commvault Systems delivered top-line growth of 11.1% year on year, beating analyst estimates by 4.1% and DigitalOcean reported revenues up 11% year on year, exceeding estimates by 1.6%. Commvault Systems traded flat on the results, DigitalOcean was up 4.3%.

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

Investors in the data and analytics software segment have had steady hands going into the earnings, with the stocks down on average 1.5% over the last month. Snowflake is up 10.6% during the same time, and is heading into the earnings with analyst price target of $231.9, compared to share price of $231.8.

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