Snowflake earnings on Wednesday showed a narrower-than-expected loss for the January quarter while revenue topped estimates. But the company’s fiscal 2023 revenue forecast merely edged by expectations, sending SNOW stock tumbling.
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Snowflake (SNOW) released fourth-quarter earnings after the market close. In extended trading on the stock market today, shares of the software maker plunged 27% to near 193.55.
While SNOW stock offers stellar revenue growth, it trades at a high multiple despite a recent correction in software stocks.
Snowflake said fourth-quarter revenue jumped 101% to $384 million from a year earlier, slowing from 110% growth in the October quarter. Analysts had estimated Snowflake revenue at $373 million.
Snowflake Narrows Its Losses
Snowflake stock reported a loss of 43 cents a share using generally accepted accounting principles, or GAAP, compared with a loss…
