Snowflake Shares Plunge 15% on Disappointing Q4 Results
<p><a href='https://financialmodelingprep.com/financial-summary/SNOW'>Snowflake Inc. (NYSE:SNOW) </a>shares plunged 15% on Thursday following the company’s reported disappointing Q4 results, with EPS of ($0.43) coming in significantly worse than the Street estimate of $0.02. Revenue was $383.8 million, compared to the Street estimate of $372.7 million. The company closed the year with 5,944 total customers and 184 customers with more than $1 million in trailing 12-month product revenue.</p>
<p>The company expects Q1/23 revenue to range from $383 million to $388 million, compared to the consensus estimate of $410 million.</p>
<p>Oppenheimer analysts provided their views on the company following the earnings results. While management’s initiatives to optimize price/performance in hardware/software are a near-term headwind to consumption and revenue, they can drive incremental workloads to the company’s platform. The analysts expect a long trajectory of rapid revenue increases fueled by an IT shift to a cloud-centric model, digital transformation, and higher spend on ML/data science. </p>

NYSE:SNOW