SnowflakeShares fell by as high as 16% during extended trading Wednesday, after data analytics software manufacturer disappointed analysts and said it didn’t anticipate a positive adjusted operational margin for this quarter.

This is how it worked:

• Earnings:52 cents loss per share
• Revenue:4222.4 Million vs. $412.8 Million as analysts had expected, according to Refinitiv.

According to a report, revenue for the quarter grew by 85% over the previous year. The quarter ended on April 30. statement. The previous quarter was revenue grew 101%. Snowflake made almost all its revenue from products, up 84% compared to 102% during the previous quarter. That figure is based on Snowflake’s software to store and query data within its systems.

Snowflake said that it had an adjusted operating margin of 0.2%, contrary to StreetAccount’s analysts who predicted a negative margin. Snowflake reported a net loss of $165.8 million compared to $203.2 millions in the quarter prior.

Snowflake made steps in the last quarter to be more competitive in certain industries. It also announced: Retail Data CloudThis partnership includes an expansion with Amazon and a Healthcare and Life Sciences Data Cloud. Snowflake’s competitor, Databricks (privately held) has also begun to focus on specific industries.

Snowflake reported that it had 6322 customers at quarter’s end, compared to 5,944 at January’s close.

The guidance was set by management for 71% to 73% growth in product revenues and an adjusted operating margin at -2%. StreetAccount analysts polled had predicted 72% growth, with an adjusted margin 0.3%.

Snowflake continued to experience 65% to 67% growth in product revenues and a 1% adjusted operational margin for its full fiscal year. StreetAccount’s consensus estimate was 66% product growth with an adjusted operating margin at 1%.

Snowflake was rapidly expanding its software, with 120% growth in revenue when it launched. debuted on the New York Stock ExchangeIn September 2020, the company’s growth rate has not slowed much. However, investors are less positive about the stock. Without the after-hours move, Snowflake shares have fallen about 61% since the start of the year, compared with a decline of 16% for the S&P 500 U.S. stock index over the same period.

SalesforceThrough its corporate venture arm, sold the remainderThe stake in Snowflake it purchased through the initial public offerings during the quarter.

Rosenblatt Securities gave Snowflake a buy rating on Monday, after it had fallen in price.

Snowflake analysts and executives will talk about the results during a conference call at 5 p.m. ET. ET.

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