Why did Snowflake stock plunge today? Weak guidance hits shares
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Snowflake (NYSE:SNOW) shares plunged on Thursday after the data warehousing company issued guidance that suggested revenue growth would slow considerably.
For the first quarter, Snowflake said revenue should be between $383 million and $388 million, up between 79% and 81% over the same period a year ago.
Full-year product revenue is expected to be between $1.88 billion and $1.9 billion.
Snowflake (SNOW) shares were down nearly 18% to $217.54 on Thursday.
The Frank Slootman-led Snowflake (SNOW) said it lost 43 cents per share for the fourth-quarter ending January 31, generating $383.8 million in revenue, up 101.5% year-over-year.
In addition, Snowflake (SNOW) said performance obligations came in at $2.6 billion, up 99% year-over-year, while net revenue retention was 178% as of January 31.
The company also announced its intention to acquire Streamlit, a framework to build and simply and accelerate data applications, for a reported $800 million.
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