Snowflake's Sales Forecast Miss Leads to Plunge in Stock

Snowflake reported Q1 earnings that beat Wall Street expectations, but its product revenue outlook missed views due to slowing growth for cloud computing partners such as Amazon. The company's stock plunged 11.6% in extended trading. For Q2, Snowflake expects product revenue in a range of $620 million to $625 million, missing analysts' expectations of $647.1 million. For full year fiscal 2024, Snowflake lowered its forecast for product revenue growth to 34% to $2.6 billion from its earlier projection for 44% to 45% growth.