Shares of Snowflake (NYSE: SNOW) were in the doghouse following the release of the company's fiscal 2024 fourth-quarter results (for the three months ended Jan. 31, 2024) on Feb. 28. They dropped 18% in a single session despite delivering better-than-expected numbers.
The reason behind Snowflake's massive drop was the company's poor guidance that missed Wall Street's estimates by a big margin. And CEO Frank Slootman's announcement that he has retired seems to have further weighed on Snowflake stock.
Let's look at Snowflake's performance and outlook, and check if its sharp pullback could be an opportunity for savvy investors to buy this cloud stock.
Source Fool.com