Is Snowflake Stock a Buy Now?
On March 1, data storage and analytics company Snowflake (NYSE: SNOW) reported financial results for the fourth quarter of its fiscal 2023 and gave guidance for its fiscal 2024. The stock immediately dropped more than 10% and is now down about 66% from its all-time high.
All that will undoubtedly lead some investors to wonder if the worst is over for Snowflake and whether it's now safe to buy the stock. Let's look at its business going forward in light of fourth-quarter results and at some valuation concerns about buying the stock today.
In fiscal 2023, Snowflake generated total revenue of almost $2.1 billion, up 69% year over year. Moreover, Snowflake has grown its revenue an astounding 680% over just the past three years. Growth at this scale is impressive.
Source Fool.com
