Snowflake (SNOW) Slashes 11% Despite Impressive Q3. Here’s Why

Core Insights - Snowflake Inc. (NYSE:SNOW) experienced a significant decline of 11.41% on Thursday, closing at $234.77, as investors engaged in profit-taking after a strong earnings performance was already anticipated for Q3 FY2026 [1] Financial Performance - The company reported a narrowed net loss of $293.9 million, a 9.3% improvement from $324.2 million in the same period last year [2] - Revenues surged by 29% year-on-year, reaching $1.2 billion, up from $942 million, primarily driven by a 29% growth in product revenues [3] - For the upcoming fourth quarter, Snowflake expects product revenues to increase by 27%, projecting a range of $1.195 billion to $1.2 billion [5] Strategic Developments - Snowflake's enterprise AI agent, Snowflake Intelligence, has seen the fastest adoption in the company's history, transforming business interactions with data and providing real-time actionable intelligence [4] - The company is enhancing its data lifecycle capabilities through strategic partnerships with leading AI model providers and cloud platforms [4]