Snowflake (NYSE: SNOW) plunged 16% in the following trading session after releasing its report for the first quarter of fiscal 2024 (ended April 30). The outlook pointed to slowing growth rates.

Nonetheless, the report also noted many attributes that reinforced the previous bull case for the stock. Hence, investors may want to treat it as an opportunity to add shares in the software-as-a service (SaaS) stock. Here's why.

The fiscal Q1 report points to Snowflake's continuing popularity. Its revenue of roughly $624 million increased 48% compared with the first quarter of fiscal 2023. That represents a slowdown from fiscal 2023, when revenue grew at 69%.

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Source Fool.com