Snowflake Inc. (NYSE: SNOW), a leading data warehouse-as-a-service provider, saw its stock price plummet by 5.05% in the pre-market trading session on Tuesday. The decline occurred just a day before the company is set to release its fourth-quarter earnings report after the market close.
The stock's downward movement appears to be driven by investor concerns and uncertainty surrounding Snowflake's upcoming earnings release. While analysts expect the company to report a 23.6% year-over-year increase in revenue to $957.5 million, they also anticipate a slowdown in growth compared to the previous year. Additionally, adjusted earnings per share are forecasted at $0.18, lower than some investors' expectations.
Furthermore, Snowflake has missed Wall Street's revenue estimates three times over the last two years, potentially contributing to investor apprehension. The pre-earnings stock price drop suggests that investors may be anticipating disappointing results or guidance from the company, which could further impact the stock's performance in the coming days.
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