Snowflake drops 5% as cloud stocks sell-off amid lagging tech
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Snowflake (NYSE:SNOW) shares fell sharply on Friday, along with several other cloud-related stocks, as investors continued to shun technology stocks.
Snowflake (SNOW) declined more than 5% to $186.49, and have fallen more than 13% over the past week after the Frank Slootman-led company recently said 2023 revenue growth would slow considerably from 2022.
Earlier this month, Snowflake said first-quarter revenue should be between $383 million and $388 million, up between 79% and 81% over the same period a year ago. Full-year product revenue is expected to be between $1.88 billion and $1.9 billion, with product gross profit margin expected to be 74.5%. That forecast is in line with prior estimates, but suggests sales growth is slowing as revenue had been doubling on a year-over-year basis every quarter for almost the past two years.
Several other cloud-related stocks also fell on Friday, led by Adobe (NASDAQ:ADBE), which fell more than 3% and ServiceNow (NYSE:NOW), which declined 2%.
Salesforce (NYSE:CRM) and Microsoft (NASDAQ:MSFT), also declined, albeit less than 1%. 
Bucking the trend was Oracle (NYSE:ORCL), which reversed earlier losses and gained more than 3% to $79.01 after it reported fiscal third-quarter results that were largely in-line with expectations. 
Other software-as-a-service stocks, such as DocuSign (NASDAQ:DOCU), did not fare well, as the electronic signature company declined more than 20% amid concerns over slowing growth.