SNOW - Up 25% This Year Is It Too Late to Buy Snowflake Stock?
2023-06-24 07:00:00 ET
Though AI software has been around for decades, generative AI has recently captured the attention of the world. The ability to issue a command in simple text, and for software to create a response or complete a task, could be a disruptive force for many years to come -- and provide growth and increased profitability for many businesses as a result.
Snowflake (NYSE: SNOW) stock hasn't been left out of the hype. Snowflake's data management platform is key to AI development, as well as the cloud and the future of IT at large. Shares have rallied 25% so far in 2023, though they remain down 60% from their unsustainable highs of late 2021. Is it too late to buy the data cloud stock?
Snowflake got its fiscal 2024 (the 12 months ending Jan. 31, 2024) started on the right foot. Product revenue, which excludes the small but variable professional services sales segment, handily beat expectations with 50% year-over-year growth to $590 million in the fiscal first quarter.
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Up 25% This Year, Is It Too Late to Buy Snowflake Stock?