Why Snowflake Stock Dropped on Friday

·2 min read
Why Snowflake Stock Dropped on Friday

Snowflake (NYSE: SNOW) revealed its plans Thursday to grow its product revenue from $500 million last year to $10 billion in fiscal year 2029. Investment bank Morgan Stanley immediately hailed the projection as "unprecedented" growth and "faster than any other company in software." The logic goes like this: Morgan Stanley is clearly astounded at the audacity of Snowflake's goal.