Shares of Snowflake (NYSE: SNOW) plunged over 12% in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $0.11, which beat analysts’ consensus estimate of $0.05 per share.
Sales increased by 66.6% year-over-year, with revenue hitting $557.03 million. This beat analysts’ expectations of $538.9 million. Looking forward, management now expects revenue for Fiscal Year 2023 to be in the range of $1.919 billion and $1.924 billion. For reference, analysts were expecting $1.92 billion in revenue.
Overall, Wall Street has a consensus price target of $213.40 on SNOW stock, implying 49.35% upside potential, as indicated by the graphic above.