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Snowflake Plunges on Projection for Slowing Revenue Growth

  • Software vendor projects annual product sales will rise 67%
  • Stock drops most in a day since Snowflake’s 2020 IPO
Snowflake Soars After Record $3.36 Billion Software Debut
Photographer: Gabby Jones/Bloomberg
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Snowflake Inc., a software company that helps businesses organize data in the cloud, dropped the most ever in a single day Thursday after projecting that annual product sales growth would slow from its previous triple-digit-percentage pace.

Executives said improvements to the company’s data storage and analysis products will let customers get the same results by spending less, which will hurt revenue in the short term, but attract more clients in the future.