Snowflake
shares are sharply lower in late trading Wednesday, after company provided guidance for the January 2024 fiscal year that fell short of Wall Street’s expectations.
The softer outlook is consistent with the moderating growth posted by the cloud computing businesses at the industry leaders—Amazon Web Services, Microsoft Azure and Google Cloud. While Snowflake (ticker: SNOW), the cloud-based data warehousing software provider, remains one of the software sector’s fastest growers, the growth rate is decelerating, perhaps faster than some investors had hoped.
Source: https://www.barrons.com/articles/snowflake-earnings-stock-7e3057b0?siteid=yhoof2&yptr=yahoo