Snowflake beats expectations but stock falls on fears of decelerating revenue growth

August 21, 2024: Snowflake Beats Expectations Despite Stock Drop - Snowflake Inc. reported better-than-expected Q2 results with a 29% revenue increase to $868 million and raised its full-year product revenue outlook. However, worries about a possible revenue growth slowdown in the second half led to a 7% after-hours stock drop. The company saw a net loss rise to $317 million and spent over $1 billion in reserves. Analysts highlighted concerns over deferred revenue and lack of margin forecast increase. Despite positive AI advancements and a 48% increase in remaining performance obligations, investors remain cautious.