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Snowflake (NYSE: SNOW) shares fell sharply on Friday, along with several other cloud -linked stocks, as investors continued to avoid technology stocks.
Snowflake (SNOW) declined more than 5% to $ 186.49and have fell more than 13% in the past week after a company led by Frank Slootman said recently that revenue growth in 2023 will slow sharply from 2022.
Earlier this month, Snowflake said revenue in the first quarter should have been between $ 383 million and $ 388 million, up between 79% and 81% over the same period last year. Full -year product revenue is expected to be between $ 1.88 billion and $ 1.9 billion, with the product’s gross profit margin expected to be 74.5%. That prediction is consistent with previous estimates, but suggests that sales growth is slowing because revenue has doubled on a year-on-year basis every quarter in nearly the past two years.
Several other cloud -related stocks also fell on Friday, led by Adobe (NASDAQ: ADBE)na fell more than 3% and Service Today (NYSE: NOW)which dropped by 2%.
Salesforce (NYSE: CRM) and Microsoft (NASDAQ: MSFT)din declined, even less than 1%.
Leading the trend is Oracle (NYSE: ORCL)which reversed previous losses and earned more than 3% to $ 79.01 after it reported results in the third financial quarter that were largely in line with expectations.
Other software-as-a-service stocks, such as DocuSign (NASDAQ: DOCU)has not been good, as the electronic signature company has dropped more than 20% amid concerns over slowing growth.