Why Snowflake Stock Was Down Today

Shares of Snowflake (NYSE: SNOW) were trading down 2.9% as of 2:33 p.m. ET on Thursday after the company delivered results for its fiscal 2023 first quarter after the market closed Wednesday.

For the period, which ended April 30, the data cloud services provider's revenue beat analyst estimates, but its forecast for operating income in the near term was lower than expected. The shares traded as low as $112.10 before rebounding to above $134 at one point during Thursday's session.

Year to date, the stock is down by 62%, a decline that can be blamed on uncertainty over the economy and corporate spending, and also reflects the company's high valuation entering the year.

Source Fool.com