Snowflake Faces Lower Outlook Due to Sluggish Software Demand

A cloud data analytics business called Snowflake released its second-quarter earnings on Wednesday.

[{"selector":"#anim-dabb2ff6-9687-41c1-a15c-08a846d32790","keyframes":{"transform":["translate3d(-133.33333%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c59854bb-e949-4e0e-9e85-066f49df1d8d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-af48ae3d-1960-45b8-b910-c1c62de164f2","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The company's revenue and earnings exceeded analysts' estimates, but it provided a gloomy prediction for the current quarter.

[{"selector":"#anim-17f7e6c0-b14f-4238-bb43-887b5613cff2","keyframes":{"transform":["translate3d(-127.27273%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-53847dbf-a56e-449c-bc4f-1d6df4c35cf1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2b98bb85-98c2-4169-bd37-12f6ba5ba028","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

In the quarter ending in October, based on Snowflake, its product revenue would rise by as much as 29% to US$675 million.

[{"selector":"#anim-376e6629-d1de-4044-82f0-770284a77e8a","keyframes":{"transform":["translate3d(-123.40426%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-afc5b0d3-f9d2-402a-876b-e0952655e29d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bbd13644-0c21-4cb1-8d44-e00be076455d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

This conforms to the market estimates, but it also demonstrates that companies are hesitant to raise their outlay on cloud software.

[{"selector":"#anim-9ac91171-c4c7-477c-8519-90e9f7618cde","keyframes":{"transform":["translate3d(-114.46541%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-340f045f-df1b-4b8e-be95-812427fb9909","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7a3c22c7-079e-436e-8bc6-320fd117659f","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

After the announcement of the earnings, Snowflake's shares decreased by around 1.5% in extended trade.

[{"selector":"#anim-aba47048-7e8a-4f97-a2de-08491ad7c62b","keyframes":{"transform":["translate3d(-121.60278%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9ba78e97-b0b1-40f4-ba60-7c839eade6ec","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1e723a9f-3a16-45c9-8523-6a7288f259df","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Snowflake Faces Lower Outlook Due to Sluggish Software Demand

A cloud data analytics business called Snowflake released its second-quarter earnings on Wednesday.

The company's revenue and earnings exceeded analysts' estimates, but it provided a gloomy prediction for the current quarter.

In the quarter ending in October, based on Snowflake, its product revenue would rise by as much as 29% to US$675 million.

This conforms to the market estimates, but it also demonstrates that companies are hesitant to raise their outlay on cloud software.

After the announcement of the earnings, Snowflake's shares decreased by around 1.5% in extended trade.

Read More Stories