Snowflake Inc., whose software helps businesses organize data in the cloud, fell 10% in late trading after giving a disappointing sales forecast, a sign that corporate clients are slowing investing in technology in an uncertain economy.
Product revenue will be up to $540 million in the fourth quarter, which ends in January, the company said Wednesday in a statement. Analysts on average estimated $551.8 million, according to data compiled by Bloomberg. Product sales make up the majority of Snowflake’s total revenue and are closely watched by investors and analysts.
