Snowflake fell 23% after the company’s revenue outlook for the fiscal first quarter and year fell short of expectations, and the cloud data company announced that Frank Slootman is stepping down as chief executive. “Effective immediately”. He will be replaced by Sridhar Ramaswamy, senior vice president of AI at Snowflake.
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Ramaswamy said Baron’s In an interview, Snowflake provides guidance based on historical consumption patterns. He noted that unlike companies that sign long-term contracts, Snowflake starts with zero revenue each quarter. He said the forecast was conservative.
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The identity management company said it expects fiscal first-quarter revenue of $603 million to $605 million and adjusted earnings of 54 cents to 55 cents per share. Analysts were calling for revenue of $584 million and earnings of 41 cents. Fourth-quarter revenue rose to $605 million from $510 million and topped expectations for $587.2 million. The stock rose 24%.
Shares of C3.ai rose 17% after the maker of enterprise artificial intelligence software posted an adjusted loss of 13 cents per share in the fiscal third quarter, below analysts’ expectations of a loss of 28 cents. demanded. The company had revenue of $78.4 million in the period, up from $66.7 million a year earlier and beating analysts’ estimates of $76.1 million. Subscription revenue rose 23 percent to $70.4 million.
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Duolingo surged 21 percent after the language learning company posted fourth-quarter revenue and sales that beat analysts’ forecasts and beat estimates for the fiscal first quarter and full-year revenue. Guided. Daily active users increased 65 percent and monthly active users increased 46 percent compared to a year ago, the company said.
HP Inc. fell after the computer maker’s fiscal first-quarter earnings matched analysts’ estimates. fell 1.9% and revenue of $13.19 billion fell from a year ago and missed forecasts of $13.57 billion. The company said it was seeing softening in its personal computer business but expressed hope that it would improve.
Fourth-quarter revenue at AMC Entertainment rose nearly 12% to $1.1 billion, topping expectations for $1.06 billion. CEO Adam Aaron said the company benefited from distribution deals for Taylor Swift and Beyoncé’s concert films despite an “overall lower box office.” AMC shares fell 7.8 percent.
Marathon Digital
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The cryptominer earned 66 cents a share in the fourth quarter, a swing from a loss of $3.13 a year earlier. Revenue rose to $156.8 million from $28.4 million a year earlier and topped analysts’ forecasts. The stock was down 5.6%, as of Wednesday, and the stock has gained 395% over the past 12 months.
Scholes Technologies fell 10 percent after the solar company reported fourth-quarter adjusted earnings of 12 cents a share, missing Wall Street’s estimate of 17 cents. Revenue rose 38 percent to $130.4 million in the period, missing estimates of $132 million. The company said it expects a softening in the first half of 2024 as persistently high interest rates continue to delay the project.
Net storage
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which provides systems based on flash memory technology to enterprise customers, posted better-than-expected adjusted profit and revenue in the fourth quarter and issued an upbeat outlook for fiscal 2025. Shares rose 13%.
Best Buy gained 3.9 percent. The electronics retailer reported fiscal fourth-quarter revenue and earnings that beat Wall Street estimates.
Dell Technologies is expected to report earnings after the market closes on Thursday.
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Autodesk
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Zscaler
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Hewlett Packard Enterprise
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Netapp and
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flexible
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Write to Joe Woelfel at Joseph.woelfel@barrons.com.