The company logo for Snowflake Inc. is displayed on a banner to celebrate the company's IPO at the New York Stock Exchange (NYSE) in New York, U.S., September 16, 2020. REUTERS/Brendan McDermid
(Reuters) - Data analytics software maker Snowflake forecast a slowdown in product revenue growth for fiscal 2023 at a time when industry experts expect cloud spending to rise, dragging its shares about 30% in aftermarket trading on Wednesday.
Although a key player in its sector, Snowflake is facing stiff competition from large providers like Microsoft Corp's Azure and Amazon.com's Amazon Web Services.
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