Snowflake Inc (NYSE:SNOW) shares are trading lower Thursday after the company reported financial results and issued guidance below analyst estimates. 

Snowflake said fiscal first-quarter revenue increased 85% year-over-year to $422.37 million, which beat the estimate of $412.76 million, according to data from Benzinga Pro. The company reported a quarterly loss of 53 cents per share, which may not compare to estimates for earnings of 1 cent per share.

Snowflake said its customer base grew to 6,322 in the quarter, and 206 of those customers have trailing 12-month product revenue greater than $1 million.

Snowflake said it expects fiscal second-quarter revenue to be between $435 million and $440 million versus the estimate of $466.15 million. The company expects full-year 2023 revenue to be between $1.885 billion and $1.9 billion versus the $2.03 billion estimate. 

Analyst Assessment:

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SNOW Price Action: Snowflake shares are making new 52-week lows on Thursday.

The stock was down 9.58% at $120.05 at press time. 

Photo: courtesy of Snowflake.