Snowflake (SNOW) - ★★
Ranked #85 in Q3 2024 Large Cap Equity Rankings
Snowflake's stock has taken another hit, dropping 12% today during intraday trading and bringing its year-to-date decline to 38%. This latest dip comes on the heels of the company's fiscal Q3 product revenue outlook, which fell short of analyst expectations despite beating Q2 estimates.
The cloud-based data platform company projects Q3 product revenue between $850 million and $855 million, just shy of the $855 million consensus. CFO Michael Scarpelli attributed this forecast to "observed behavior" and noted potential "revenue headwinds associated with performance improvements."
While Snowflake did raise its full-year product revenue outlook, the market seems focused on the near-term challenges, continuing the stock's downward trajectory in 2024.
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