Snowflake (NYSE: SNOW) and Salesforce (NYSE: CRM) both reported earnings on March 2, 2023 and did their fortunes differ! Snowflake’s share price plummeted 12% while Salesforce’s share price spiked 12%. This brought Snowflake’s YTD performance to a standstill with share price at the same levels it started the year with while Salesforce is up nearly 39% in just over 2 months. Buffett owns shares in Snowflake and does not have any shares in Salesforce. Salesforce was a former shareholder of Snowflake but sold all its holdings just over a year ago. It seems like CEO and Founder of Salesforce Mark Benioff might be more astute in the SaaS space than Buffett. Here, we review their recent results to understand the share price performance.
Snowflake (NYSE: SNOW)
Snowflake’s 4Q FY23 YoY growth was 53%, however QoQ growth slowed for the third consecutive quarter to 5.7% or $589 million revenue in 4Q FY23. Snowflake ended FY23 with $2.07 billion revenue, a 69% growth….