Shares of data storage and analytics company Snowflake (NYSE: SNOW) dropped on Thursday after the company reported financial results for the fourth quarter of its fiscal 2023. The company's growth is still very strong but slowing. And concerns over management's outlook for the coming year explain why Snowflake stock was down 14% as of 9:45 a.m. ET.

This article is about why Snowflake stock is down but I'll briefly hit some positives from the company's Q4 results. Full-year revenue was up 69% compared to fiscal 2022. The company's adjusted free-cash-flow (FCF) margin was 25% in fiscal 2023 compared to an adjusted FCF margin of 12% in the previous year. And it ended Q4 with over 7,800 customers, adding over 500 in Q4 alone. 

It's important to note that Snowflake's results exceeded guidance. However, management's tune is changing for fiscal 2024 (which starts now), saying recent trends have caused it to "reevaluate" its outlook, which is why the stock dropped today.

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Source Fool.com