Shares of Snowflake (NYSE: SNOW) were in meltdown mode after the company released its fiscal 2024 first-quarter results on May 24 for the three months ended April 30. This isn't surprising given the tepid guidance issued by the cloud-based data platform provider. The stock fell more than 15% last week.

Let's look at the reasons why investors hit the panic button before checking why it may be a good idea to buy shares of Snowflake following its sharp decline.

For the latest quarter, Snowflake saw revenue grow a robust 48% year-over-year to $624 million, easily clearing the Wall Street consensus estimate of $610 million. The company's adjusted earnings came in at $0.15 per share, a big jump over the break-even earnings it posted in the prior-year period. Analysts would have settled for earnings of $0.05 per share.

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Source Fool.com