Analysts look past Snowflake’s guidance to rising revenue growth
Software maker reports year-on-year revenue growth of 119% in the third quarter
03 December 2020 - 17:19
New York — Warren Buffett-backed Snowflake, a software maker that debuted with 2020’s biggest US initial public offering, fell 2.1% on Thursday after reporting quarterly guidance that disappointed Wall Street, but analysts shrugged it off and boosted the stock price targets.
Morgan Stanley said the company’s fourth-quarter product revenue guidance was just in line with consensus expectations, which underperforms the big beat and raise cadence of similar high-flying recent initial public offerings. Snowflake shares have climbed 144% since its September IPO through to the end of Wednesday. ..
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