Snowflake shares fell 29% in extended trading on Wednesday after the data-analytics software company showed slowing growth.
Here’s how the company did:
Earnings: Loss of 43 cents, adjustedRevenue: $383.8 million, vs. $372.6 million as expected by analysts, according to Refinitiv.
Snowflake’s revenue grew 101% year over year in the quarter, which ended Jan. 31, according to a statement. In the previous quarter growth reached 110%. The company reported a $132 million net loss, narrowing from almost $199 million in the year-ago quarter.
Snowflake said it expects 79% to 81% product revenue growth in the fiscal first quarter and 65% to 67% product revenue growth across the 2023 fiscal year. Analysts polled by StreetAccount had predicted 78% product revenue growth for the fiscal first quarter. In the fiscal fourth quarter, product revenue increased by 102%.
Snowflake did not issue quarterly or full-year guidance.
Prior to the after hours move, Snowflake stock has declined 21% since the start of 2022, while the S&P 500 was down about 8% over the same period.
Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET.
This is breaking news. Please check back for updates.
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