(Snowflake) Snowflake stock fell more than 22% on Thursday despite reporting a 101% jump in the fourth quarter of 2022 revenue which hit $383.8 million.
The company reported product revenue of $359.6 million, up 102% from the prior year.
The overall net revenue retention rate was recorded at 178% as of January 31, 2022.
The company reported a net loss of $132.15 million in the fourth quarter, lower than a loss of $198.94 million in the prior year.
Snowflake said that it now has 5,944 total customers and 184 customers with a trailing 12-month product revenue that surpasses $1 million.
Despite having a strong quarter, a product revenue guidance of $383 million to $388 million in Q1 2023 showed slowdowns, with year-over-year growth of 79% to 81%. Product revenue in FY23 is expected at $1.88 billion to $1.9 billion, up 65% to 67%.
SNOW: NYSE is down -22.08% on premarket.
