Snowflake (NYSE: SNOW) shares fell more than 10% intra-day on Thursday after the cloud data analytics company issued a fourth-quarter product revenue forecast that came in below elevated investor expectations, even as it reported better-than-anticipated results for the prior quarter.

The company said it expected current-quarter product revenue of $1.195 billion to $1.200 billion, representing approximately 27% year-over-year growth. While Wall Street, according to Bloomberg consensus, had been looking for about $1.19 billion, analysts at D.A. Davidson noted that, given the stock's sharp run-up, investors had been anticipating guidance closer to 30% growth.

For the quarter ended October 31, Snowflake reported adjusted earnings of $0.39 per diluted share on revenue of $1.21 billion, beating analyst estimates of $0.35 per share on revenue of $1.18 billion.

Snowflake said its AI-led products continued to drive customer wins as businesses looked to capitalize on automation and advanced analytics to streamline operations. The company has forged partnerships with several major technology players, including Anthropic, the developer of the Claude AI model, Amazon Web Services, and Google's Gemini AI platform, to tap into surging demand for AI tools and cloud-based data infrastructure.