Shares of cloud-based data company Snowflake (NYSE: SNOW) were down 10.9% in November, according to data provided by S&P Global Market Intelligence. The stock had huge gains after encouraging macro-economic news -- a crucial part of the story that I'll tell here. And the company also reported quarterly financial results that helped it gain ground at the end of the month. But overall, the stock was trending downward throughout the month.

Bear with me, but let's start with the end of Snowflake's November journey first. On Nov. 30, it reported financial results for the third quarter of its fiscal 2023. Initially the stock tanked in after-hours trading before recovering during normal trading hours.

In Q3, Snowflake generated total revenue of $557 million, up a whopping 67% year over year. Most companies would be elated with such growth. But for Snowflake, 67% growth represents a significant slowdown from the 84% and 83% growth its posted in the first quarter and second quarter respectively. Moreover, management guided for "just" 49% to 50% growth in the upcoming fourth quarter.

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Source Fool.com