Snowflake Shares Plunge 23% After-market as Product Revenue Outlook Misses
$Snowflake(SNOW.US$ shares plunged 23% after the data cloud company gave a product revenue forecast that missed analysts' estimates.
The company expects product revenue to reach $745 million to $750 million in the first quarter of fiscal year 2025, missing the average estimate of $769.5 million from analysts polled by Bloomberg.
The weaker outlook overshadowed the earnings beat for the fourth quarter of fiscal year 2024. The company reported revenue $774.7 million in the three months ended Jan. 31, up 32% from a year earlier and above the Bloomberg estimate of $760.4 million.
The weaker outlook overshadowed the earnings beat for the fourth quarter of fiscal year 2024. The company reported revenue $774.7 million in the three months ended Jan. 31, up 32% from a year earlier and above the Bloomberg estimate of $760.4 million.
Product revenue rose 33% to $738.1 million, surpassing the average estimate of $723.3 million reported by Bloomberg. Professional services and other revenue rose to $36.6 million, from $33.7 million a year earlier, exceeding the Bloomberg estimate of $37.6 million.
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Lucky Dog An : What's the situation?
platypat : Jeez
71535617 : Is this last sentence worded incorrectly? If it came in at $36.6 million, how does that exceed Bloomberg's estimate of $37.6 million?
"Professional services and other revenue rose to $36.6 million, from $33.7 million a year earlier, exceeding the Bloomberg estimate of $37.6 million."