Snowflake forecasts weak first-quarter revenue, shares fall

By Thomson Reuters Feb 28, 2024 | 3:27 PM

(Reuters) – Snowflake forecast first-quarter product revenue below Wall Street estimates on Wednesday, on expectation that customers would cut back on spending in an uncertain economy, sending its shares down about 22% in extended trading.

The company forecast current-quarter product revenue in the range of $745 million to $750 million, below analysts’ average estimates of $765 million, according to LSEG data.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber)