SNOW - Why Snowflake Stock Is Plummeting Today
2024-02-29 10:54:07 ET
Snowflake (NYSE: SNOW) is getting crushed in early trading Thursday. The data warehousing specialist's shares were down 19.9% as of 10:45 a.m. ET, according to data from S&P Global Market Intelligence .
Snowflake published results for the fourth quarter of its fiscal 2024 after the market closed Wednesday, and both sales and earnings crushed the market's expectations. But the sales and earnings beats were overshadowed by other news. Snowflake also announced that Frank Slootman had retired from his role of CEO. Making matters worse, management issued underwhelming forward guidance.
For its fiscal Q4, which ended Jan. 31, the company posted non-GAAP (adjusted) earnings per share of $0.35 on sales of $774.6 million. The average analyst estimate had called for earnings per share of $0.18 on sales of roughly $460.2 million.
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Why Snowflake Stock Is Plummeting Today