Snowflake touches 52-week low amid rise in cloud stocks
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Snowflake (NYSE:SNOW) shares continued to fall, hitting a 52-week low on Tuesday, bucking the trend of several other cloud-related stocks.
The Frank Slootman-led Snowflake (SNOW) touched $164.29 in Tuesday trading and were last changing hands at $165.85, down slightly more than 0.5%.

Several other cloud-related stocks, including Microsoft (NASDAQ:MSFT), Salesforce (NYSE:CRM) and Adobe (NASDAQ:ADBE) rose on Tuesday, gaining between 0.5% and 2%.
Earlier this month, Snowflake (SNOW) forecast slowing revenue growth for 2023, saying it expects first-quarter sales to be between $383 million and $388 million, up between 79% and 81% over the same period a year ago. In the most recent quarter, Snowflake generated $383.8 million in revenue, up 101.5% year-over-year.
Full-year product revenue is expected to be between $1.88 billion and $1.9 billion, in line with prior estimates, but it suggests sales growth is slowing as revenue had been doubling on a year-over-year basis every quarter for almost the past two years.
Snowflake (SNOW) also recently said it would acquire Streamlit for a reported $800 million.