Reported 5 months ago
Snowflake (NYSE: SNOW) stock is falling today by 5.8% following the company's first-quarter fiscal results, ending April 30, which showed sales beating expectations but earnings falling short. Snowflake's non-GAAP adjusted earnings per share were $0.14 on revenue of $828.71 million, lower than the anticipated $0.17 on revenue of $828.75 million. Despite product revenue growth and increased customers with revenue over $1 million, the net revenue retention rate declined to 128%, contributing to the stock decline. The company expects a 26.5% year-over-year growth in the second quarter, but investors may have been expecting a greater performance boost from AI-driven demand.
Source: YAHOO