Posted 2/29/2024, 3:06:37 PM
Snowflake Shares Plunge on Slowing Growth Forecast While Okta Soars on Strong Earnings Beat
- Snowflake stock plunges 20% after company projects lower than expected revenue growth and CEO announces surprise retirement
- Okta stock surges 22% after blowing past earnings expectations and raising guidance
- Snowflake posted solid Q4 results beating on sales and revenue but downward revision to 2025 outlook disappoints
- Okta easily topped Q4 expectations, benefiting from strong growth amid tech rally
- Snowflake drop indicates high growth expectations from investors; any tech name related to AI must prove significant ongoing growth