Snowflake plunges almost 30% on slowing revenue growth

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Snowflake shares dropped as much as 30% in extended trading on Wednesday after the data-analytics software company showed the slowest revenue growth since at least 2019.

Here’s how the company did:

  • Earnings: Loss of 43 cents, adjusted
  • Revenue: $383.8 million, vs. $372.6 million as expected by analysts, according to Refinitiv.

Snowflake’s revenue grew 101% year over year in the quarter, which ended Jan. 31, according to a statement. In the previous quarter growth reached 110%. The company reported a $132 million net loss, narrowing from almost $199 million in the year-ago quarter.

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