Posted 3/3/2024, 12:11:00 PM
Snowflake Stock Tumbles on Weak Outlook Despite Strong Q4 Growth
- Snowflake reported better-than-expected revenue growth in Q4 but provided disappointing guidance for Q1 and fiscal 2025
- The company's CEO, Frank Slootman, recently retired, which likely contributed to the stock's sell-off
- Snowflake's remaining performance obligations (RPOs) grew 41% YoY in Q4, signaling strong future revenue growth
- Management attributed conservative fiscal 2025 guidance to using more recent, lower consumption patterns in their model
- The stock remains volatile and expensive, so investors may want to wait for a more attractive buying opportunity