Snowflake Shares Are Falling After Hours: What's Going On?

Snowflake Inc SNOW shares are moving lower in Wednesday's after-hours session after the data company reported fourth-quarter financial results.

What Happened: Snowflake reported fourth-quarter revenue of $589.01 million, up 53% on a year-over-year basis. The company's top-line results came in above consensus estimates of $575.72 million, according to Benzinga Pro. Product revenue came in at $555.3 million, up 54% year-over-year. 

Snowflake reported fourth-quarter adjusted earnings of 15 cents per share, which beat average estimates of 4 cents per share.

"We are operating in a vast and growing market, prioritizing capabilities that support the core mission of the enterprise, and staying on track for our $10 billion product revenue goal in fiscal 2029," said Frank Slootman, chairman and CEO of Snowflake.

Snowflake expects first-quarter product revenue in a range of $568 million to $573 million. The company sees fiscal year 2024 product revenue of approximately $2.705 billion.

Snowflake also announced a multi-year expansion of its partnership with Amazon.com, Inc. AMZN. The company said the expansion of the collaboration will take a deep, multi-faceted approach to fuel growth and drive customer-focused innovation across sales and marketing, industry solutions, product integrations and more.

Snowflake will hold a conference call to discuss its financial results, beginning at 5 p.m. ET.

See Also: Why Salesforce Stock Is Surging After Hours

SNOW Price Action: Snowflake has a 52-week range of $110.26-$268.50, according to Benzinga Pro.

Snowflake shares are down 5.79% after hours at $145.46 at the time of writing. 

Photo: Courtesy of Snowflake.