Snowflake down almost 8% after Q1 product revenue guidance falls short

Shares of cloud-based data platform Snowflake are down almost 8% or $11.60 per share to $142.88 in after-hours trading after the company’s earnings release indicated that it sees Q1 product revenue growth to $568M-$573M against analyst estimates of approximately $582.1M. The company reported product revenue for Q4 was $555.3M, representing 54% year-over-year growth.