Snowflake's (NYSE: SNOW) stock plunged 17% on May 25 after the cloud-based data warehousing company posted its latest earnings report. For the first quarter of fiscal 2024, which ended on April 30, its revenue rose 48% year over year to $624 million and exceeded analysts' expectations by $15 million. It generated an adjusted net profit of $54 million, compared to a net loss of $1.5 million a year ago, while its adjusted earnings of $0.15 per share cleared the consensus forecast by a dime.
Those headline numbers seemed healthy, but they failed to revive the stock -- which still trades more than 60% below its all-time high. Let's reevaluate the bearish and bullish cases for Snowflake to see if it's worth buying.
Image source: Getty Images.
Source Fool.com