Snowflake Sinks 23% on 2023 Sales Guidance

Snowflake Inc. shares sank roughly 23% in Wednesday’s after-hours trading session after the company issued weaker-than-expected sales guidance for fiscal 2023.

For the fiscal year, the company is now expecting sales between $1.88 billion and $1.9 billion. The projected results would equate to year-over-year growth between 65% and 67%. Analysts polled by FactSet expected $2 billion in sales for fiscal 2023.