Snowflake Beats Earnings but the Stock Drops Anyway

Snowflake reported earnings results slightly ahead of expectations but shares still fell in after-hours trading. The cloud data-warehouse software company reported July quarter earnings per share of 18 cents, compared with Wall Street’s consensus estimate of 16 cents, according to FactSet. “Snowflake delivered another strong quarter, surpassing the high end of our Q2 product revenue guidance,” Sridhar Ramaswamy, CEO of Snowflake, said in the release.