Snowflake shares dropped as much as 30% in extended trading on Wednesday after the data-analytics software company reported the slowest revenue growth since at least 2019.
Here’s how the company did:
- Earnings: Loss of 43 cents, adjusted
- Revenue: $383.8 million, vs. $372.6 million as expected by analysts, according to Refinitiv.
Snowflake’s revenue grew 101% year over year in the fiscal fourth quarter, which ended Jan. 31, according to a statement. In the previous quarter growth reached 110%. The company reported a $132 million net loss, narrowing from almost $199 million in the year-earlier quarter.
The company said it had almost 6,000 customers at the end of the fiscal fourth quarter.