Sumary of Why Snowflake Stock Declined by 11.7% in March:
- So what Snowflake’s fourth-quarter and full-year 2020 earnings report last month showed that revenue more than doubled year over year from $264.7 million to $592 million..
- Gross profit margin also improved from 56% to 59%, and the company reported 73% year-over-year growth in its customer base to reach 4,139 customers..
- But investors may have been disappointed by the larger net loss incurred by Snowflake despite its soaring revenue..
- Net loss widened from $348.5 million to $539.1 million and the company also reported negative operating cash flow..
- Now what Investors should be patient with Snowflake, though, as the company has reported strong customer metrics..
- Customers with over $1 million in product revenue surged by 88% year over year to 77, while its dollar-based net revenue retention rate stood at an impressive 168% for the quarter….