Snowflake announced that its first-quarter and fiscal year revenue outlook was lower than expected, and the cloud data company announced that Frank Slotman would step down as CEO “with immediate effect.” % fell. He will be succeeded by Sridhar Ramaswamy, Snowflake’s senior vice president of AI.
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Ramaswami said. Barons In an interview, Snowflake said it provides guidance based on historical consumption patterns. He noted that unlike companies with long-term contracts, Snowflake starts each quarter with zero revenue. He said the forecast was conservative.
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The identity management company said it expects first-quarter fiscal revenue of $603 million to $605 million and adjusted earnings of 54 cents to 55 cents per share. . Analysts had expected revenue of $584 million and profit of 41 cents. Fourth-quarter sales rose from $510 million to $605 million, beating expectations of $587.2 million, and the stock rose 24%.
C3.ai shares rose 17% after the enterprise artificial intelligence software maker posted an adjusted loss of 13 cents per share in the third quarter, compared to analysts who had called for a loss of 28 cents. It was smaller than expected. The company’s revenue for the period was $78.4 million, up from $66.7 million in the year-ago period and beating analyst estimates of $76.1 million. Subscription revenue increased 23% to his $70.4 million.
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Duolingo soared 21% after the language learning company reported fourth-quarter profit and revenue that beat analysts’ expectations, and first-quarter and fiscal year sales that beat expectations. According to the company, the number of daily active users has increased by 65% year over year, and the number of monthly active users has increased by 46%.
HP Inc. fell 1.9% as the company’s first-quarter results met analysts’ expectations, with revenue down $13.19 billion year-over-year and below expectations of $13.57 billion. Although the company said that the PC business continues to be sluggish, it expressed optimism that a recovery is imminent.
AMC Entertainment’s fourth-quarter revenue rose nearly 12% to $1.1 billion, beating expectations of $1.06 billion. CEO Adam Aron said the company benefited from deals to distribute Taylor Swift and Beyoncé’s concert films, even though “overall box office revenue was down.” AMC stock fell 7.8%.
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The cryptocurrency miner’s fourth-quarter profit was 66 cents per share, up sharply from a loss of $3.13 a year earlier. Revenue rose to $156.8 million from $28.4 million in the same period last year, exceeding analyst expectations. The stock fell 5.6%, but through Wednesday it had risen 395% in the past 12 months.
Shoals Technologies fell 10% after the company reported fourth-quarter adjusted earnings of 12 cents a share, below Wall Street expectations of 17 cents. Revenue for the period rose 38% to $130.4 million, below expectations of $132 million. The company said it expects “the first half of 2024 to be weak due to project delays due to continued high interest rates.”
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The company, which provides systems based on flash memory technology to business customers, posted better-than-expected adjusted profit and revenue in the fourth quarter and issued an upbeat outlook for fiscal 2025. The stock price rose 13%.
Best Buy rose 3.9%. The electronics retailer reported fiscal fourth-quarter earnings and revenue that beat Wall Street expectations.
Dell Technologies is expected to release an earnings report after the market closes on Thursday.
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Email Joe Weelfel at joseph.woelfel@barrons.com.
