Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva – CNBC
The New York Stock Exchange welcomes Snowflake (NYSE:SNOW), on Tues. Dec 21st, 2021, to usher in the first day of winter.
NYSE
Shares of cloud data platform provider Snowflake slid more than 12% in extended trading on Wednesday after the company issued weak guidance in its earnings report and said it will acquire search startup Neeva for an undisclosed amount.
Here’s how the company did:
- Earnings per share: 15 cents, adjusted, vs. 5 cents expected by analysts, according to Refinitiv
- Revenue: $624 million vs. $608 million expected by analysts, according to Refinitiv
The company’s revenue grew 48% year over year in the fiscal first quarter, but that growth was lower than the 85% increase year over year. The bulk of Snowflake sales come from product revenue, which expanded 50% year over year. Product revenue accounts for use of Snowflake’s software for storing and running queries on data stored in its system.
Snowflake said it anticipates product revenue will be between $620…
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source: https://news.oneseocompany.com/2023/05/24/snowflake-shares-plunge-12-on-guidance-miss-acquisition-of-search-startup-neeva-cnbc_2023052445226.html
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