Dec 4 : Snowflake shares slumped 11 per cent on Thursday after the cloud data analytics company forecast slower product revenue growth for the fourth quarter, partly hit by discounts offered on the large, long-term deals.

If losses hold, around $10 billion of the company's market value could be wiped out. The stock has risen more than 70 per cent this year, through last close.

CEO Sridhar Ramaswamy said on Wednesday the company provides more favorable pricing for larger volumes or longer-term contracts, noting that these "don't tend to have an immediate impact on revenue."

Snowflake's third-quarter product revenue was "undoubtedly decent" but was slightly below investor expectations after peers like Datadog, Confluent and MongoDB showed impressive performance, analysts at Scotiabank sai

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