Shares of cloud data platform Snowflake (NYSE:SNOW) have plunged more than 31% since the company announced its fiscal fourth-quarter results. While the results exceeded expectations, investors were disappointed with the company’s guidance and the unexpected announcement of a CEO change. Nonetheless, most analysts remain upbeat about Snowflake’s prospects and see the pullback in the growth stock as a good opportunity to buy it with a long-term horizon.
Snowflake’s Recent Performance
Snowflake’s Q4 Fiscal 2024 revenue increased 32% year-over-year to $774.7 million, while the company’s adjusted EPS (earnings per share) jumped to $0.35 from $0.14 in the prior-year quarter. The company ended the quarter with 461 customers with trailing 12-month product revenue of greater than $1 million.
Despite the upbeat Q4 results, shares fell as the company’s Q1 FY25 product revenue guidance of 26% to 27% growth and full-year…
