Why Snowflake Stock Was Melting Fast This Week
According to data compiled by S&P Global Market Intelligence, Snowflake (NYSE: SNOW) stock was trading down by just over 16% week to date as of early Friday morning. That wasn't all too surprising, as the company reported a quarter that featured uninspiring guidance, and several analysts got more bearish on the stock.
Snowflake actually did quite well in its first quarter of fiscal 2024. Revenue leaped 48% higher year over year to nearly $624 million. The company flipped dramatically into the black on the bottom line, at a profit of $54.5 million ($0.15 per share) according to non-GAAP (adjusted) standards, against the year-ago loss of $1.5 million.
Both headline numbers beat analyst estimates, which on average were slightly more than $611 million on the top line, and $0.06 per share for adjusted net income.
Source Fool.com
