Snowflake Dips, Eyes Neeva Deal

  • 10 months ago
Snowflake's ($SNOW@US) shares fell over 12% following weak revenue guidance for Q2 and the fiscal year 2024 in its recent earnings report, despite outperforming analysts' expectations in Q1. The cloud data platform provider reported adjusted earnings per share of 15 cents on revenue of $624 million, versus expectations of 5 cents and $608 million, respectively. Snowflake's YoY revenue growth rate of 48% was significantly down from the previous year's 85%. The company announced plans to acquire search startup Neeva, aiming to integrate Neeva's AI-equipped search products into its cloud services.

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