Snowflake CEO Frank Slootman arrives for the Allen & Company Sun Valley Conference on July 6, 2021, in Sun Valley, Idaho.
Kevin Dietsch | Getty Images News | beautiful pictures
Snowflakes Shares fell as much as 30% in extended trading on Wednesday after the data analytics software company showed a slowdown in growth.
Here’s how the company did it:
- Income: Lost 43 cents, adjusted
- Revenue: $383.8 million, compared with $372.6 million as analysts predicted, according to Refinitiv.
Snowflake’s revenue grew 101% year-over-year in the quarter ended January 31, according to a statement. In last quarter growth reached 110%. The company reported a net loss of $132 million, down from nearly $199 million in the quarter last year.
Its 70% adjusted gross margin is below the StreetAccount consensus of 70.9%.
Snowflake said it expects product revenue growth of 79% to 81% for the first fiscal quarter and product revenue growth of 65% to 67% for fiscal 2023. StreetAccount polling had predicted product revenue growth of 78% for the first fiscal quarter. In the fourth fiscal quarter, sales of the product grew 102%.
Before the after-hours run, Snowflake stock is down 21% since the start of 2022, while the S&P 500 is down about 8% year-over-year.
Executives will discuss the results with analysts in a conference call that begins at 5 p.m. ET.
This is breaking news. Please check back for updates.
