Here's Why Snowflake Stock Sank Like a Rock Today
Shares of cloud-based data software company Snowflake (NYSE: SNOW) sank on Thursday after the company announced financial results for the fiscal first quarter of 2024 and lowered its forward guidance. In Q1, which ended in April, Snowflake generated product revenue of $590 million, up 50% year over year. In light of April's slowdown, Snowflake's management lowered its full-year revenue guidance.