Leading up to Snowflake's Q4 FY2023 earnings report, investors felt insulated from the risk of a low revenue guide for the full year. This concern had been abated in the Q3 report, as management blunted a reduced Q4 revenue guide with a preliminary estimate that FY2024 would deliver product revenue growth of 47%. During the Q3 earnings call, this had the immediate effect of propping up the lagging after-hours stock price.