Earnings Recap – March 2nd
Snowflake reported their fourth quarter earnings on Wednesday. They saw a loss of 43 cents per share, which is common for new tech startups, and revenue of $383.8 million, which beat analyst expectations. However, Snowflake saw their slowest revenue growth since 2019, which disappointed investors as the share price fell by 30 percent after hours.
Okta, another tech firm, announced their fourth quarter earnings after the market closed. They posted a narrower-than-expected loss of 18 cents per share and beat on revenue by 63% to $383 million. Unfortunately, Okta’s guidance was very negative for the fiscal year of 2023, which left investors with a sour note.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.