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Weak Guidance Weighs on Snowflake

Shares of cloud data platform provider Snowflake (NYSE:SNOW) slid soon after Thursday’s opening bell after the company issued weak guidance in its earnings report and said it will acquire search startup Neeva for an undisclosed amount.

First-quarter earnings per share proved to be 15 cents, adjusted, vs. five cents expected by analysts, according to Refinitiv. Revenue came in at $624 million vs. $608 million expected by analysts, according to Refinitiv

The company’s revenue grew 48% year over year in the first quarter of fiscal 2024, but that growth was lower than the 85% increase in the prior-year fiscal quarter. The bulk of Snowflake sales come from product revenue, which expanded 50% year over year. Product revenue accounts for use of Snowflake’s software for storing and running queries on data stored in its system.

Snowflake said it anticipates product revenue will be between $620 million and $625 million in the fiscal second quarter. That would represent year-over-year growth between 33% and 34%.That projection came in well below the StreetAccount estimate of $649 million.

For the 2024 fiscal year, Snowflake called for product revenue of $2.6 billion. The StreetAccount consensus was $2.7 billion.

Snowflake posted a net loss of $225.6 million, or 70 cents per share, compared with a loss of $165.8 million, or 53 cents per share, during the year-earlier period.

SNOW shares plummeted $27.06, or 15.3%, to $150.12