Why Snowflake Shares Are Falling After Hours

Snowflake Inc SNOW shares are falling in Wednesday's after-hours session 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.

"During Q1, product revenue grew 84% year-on-year to $394 million dollars. We closed the quarter with a record $181 million of non-GAAP adjusted free cash flow, pairing high growth with improving unit economics and operational efficiency," said Frank Slootman, chairman and CEO of Snowflake.

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. 

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

The stock was down 13.50% in after-hours at $114.99 at press time.

Photo: courtesy of Snowflake.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceMoversTrading IdeasFrank Slootmanwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!