5 Stocks Making Big Moves After Earnings Reports

1. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 84

Snowflake Inc. (NYSE:SNOW) recently delivered solid financial results for its fiscal fourth quarter. However, its sales outlook for the full year missed expectations, sending its shares down more than 15 percent on Thursday, March 3, 2022.

The Montana-based data cloud company guided for product revenue in the range of $1.88 billion to $1.90 billion for its FY 2023, representing a growth of 65 – 67 percent over last year. However, the guidance fell short of the consensus forecast of $2 billion.

For its fiscal fourth quarter ended January 31, 2022, Snowflake Inc. (NYSE:SNOW) reported a loss of 43 cents per share, narrower than the loss of 70 cents per share in the year-ago period. Revenue for the quarter skyrocketed 101 percent to $383.8 million. Analysts were looking for earnings of 3 cents per share on revenue of $373 million.

Speaking on the results, CEO of Snowflake Inc. (NYSE:SNOW), Frank Slootman, said:

“Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth. Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%. Our net revenue retention rate reached 178% driven by continued growth from our largest customers.”

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