SNOW - Why Snowflake Stock Fell This Week
2024-03-01 10:05:43 ET
Week to date, shares of Snowflake (NYSE: SNOW) were down 18% through Thursday's market closing price, according to data provided by S&P Global Market Intelligence .
The share price fell sharply following the company's guidance for revenue headwinds in the near term that could spell weaker growth in the next few quarters.
Management noted that it is difficult to assess normalized consumption trends during the holidays, but product revenue still finished the year strong, up 33% year over year. New customers were driving much of the growth as companies are still migrating from legacy vendors.
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Why Snowflake Stock Fell This Week