Snowflake, Okta Fall Despite Strong Business Growth
Stock markets looked poised for a quiet open on Thursday, with investors taking a breath after a volatile week. Ongoing developments in Russia's invasion of Ukraine continued to keep market participants on their toes, especially as oil prices remained above $110 per barrel and signaled potential contributions to inflationary pressures. As of 8 a.m. ET, futures on the Dow Jones Industrial Average (DJINDICES: ^DJI) were up just 2 points to 33,851. S&P 500 (SNPINDEX: ^GSPC) futures had eased lower by 2 points to 4,380, while Nasdaq Composite (NASDAQINDEX: ^IXIC) futures had fallen 34 points to 14,206.
However, there were still plenty of ups and downs among individual stocks, and high-growth tech companies continued to feel the brunt of steep share price declines even after announcing strong business results. Snowflake (NYSE: SNOW) and Okta (NASDAQ: OKTA) were the latest companies to suffer such declines, but they might well not be the last. Here's what the two cloud companies had to say about their latest results.
Image source: Getty Images.
Source Fool.com
