Is Snowflake Stock a Buy Now?

For the third quarter of fiscal 2023, which ended on Oct. 31, the cloud-based data warehousing company's revenue rose 67% year over year to $557 million and beat analysts' estimates by $18 million. On a GAAP (generally accepted accounting principles) basis, Snowflake's net loss widened year over year from $155 million to $201 million. Concerns about its decelerating growth and widening GAAP losses initially drove away the bulls, while rising interest rates and other macro headwinds exacerbated that painful sell-off.