SNOW - Down 20% in 2024: Is Snowflake's Stock Still Worth Buying?
2024-05-29 05:20:00 ET
Snowflake (NYSE: SNOW) posted its latest earnings report on May 22. For the first quarter of fiscal 2025, which ended on April 30, the cloud-based data warehousing company's revenue rose 33% year over year to $829 million and surpassed analysts' estimates by $43 million. However, its adjusted net income dipped 5% to $51 million, or $0.14 per share, and missed the consensus forecast by $0.03.
Snowflake's stock slumped after that mixed report, and it's already declined more than 20% this year as the Nasdaq advanced over 10%. Should contrarian investors buy the stock as the bulls turn the other way, or will it drop even further before it bottoms out?
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Down 20% in 2024: Is Snowflake's Stock Still Worth Buying?