Snowflake (SNOW) stock sinks in Wednesday after-hours trading after its product sales guidance fell short of expectations. Snowflake CEO Frank Slootman has stepped down from his role as chief executive.
Artificial intelligence developer C3.ai (AI) beat third-quarter revenue estimates.
Lastly, Okta, Inc. (OKTA) stock shoots up over 20% after topping fourth-quarter revenue forecasts.
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Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
JULIE HYMAN: Let's take a look at what's trending after hours. We're watching shares of Snowflake sinking after hours as the cloud software company's product sales outlook for the next fiscal year missed estimates. Its fourth quarter results beating adjusted earnings per share and revenue.
But perhaps, more interesting or more significant to shareholders, long time CEO Frank Slootman is going to be retiring from Snowflake. He'll be replaced by the company's senior vice president of AI, who was also a former Google Ad chief. So that notable as well.
Another name we're watching is C3 AI. The stock soaring after reporting fiscal third quarter results. Revenue that came in above analyst estimates at $78.4 billion is up 16% from the same time last year. And subscription revenue also rose from a year ago topping $70 million. On the bottom line, C3 AI reported a narrower than expected loss.
And we've got shares of Okta as well jumping on earnings by nearly 20%. The company's revenue beating estimates in its fourth quarter boosted by large customer orders. The earnings beat comes just months after Okta. Okta disclosed a wide scale security breach that exposed users information.
A welcome sign for investors. That is this earnings report. Worried that customer orders could be affected by that hack.
