Snowflake Shares Are Falling: What's Going On?
Portfolio Pulse from Adam Eckert
Snowflake Inc's shares are trading lower after the company reported Q1 results, with several analysts lowering price targets. Q1 revenue increased 48% YoY to $623.6 million, beating estimates, and product revenue was up 50% YoY. However, the stock price fell 15% to $150.60.
May 25, 2023 | 1:43 pm
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Snowflake's Q1 revenue beat estimates, but shares fell as analysts lowered price targets. The stock is down 15% to $150.60.
Snowflake reported better-than-expected Q1 revenue, but the stock price fell as several analysts lowered their price targets. This indicates that the market may have expected even better results or is concerned about future growth. The lowered price targets and the stock's decline suggest a negative short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100