Why Snowflake Stock Plunged Today
Shares of Snowflake (NYSE: SNOW) fell 10.7% on Monday, extending the decline in the data-warehousing company's stock price since its fourth-quarter earnings report on Wednesday.
Snowflake's fourth-quarter revenue surged 117% year over year to $190.5 million. The gains were fueled by strong customer growth and rising sales to existing clients.
The cloud data platform's total customer count increased 73% to 4,139 at the end of 2020. Meanwhile, Snowflake's net revenue retention rate -- which compares sales made to existing customers from one year to the next -- checked in at an impressive 168%.
Source Fool.com
