(Bloomberg) — Snowflake Inc., a software company that debuted with 2020’s biggest U.S. public offering, said product sales will grow more slowly in the current quarter than in the most-recent period. The shares fell about 4% in extended trading.

Product sales, which make up more than 90% of Snowflake’s revenue, will be $235 million to $240 million in the period ending in July, the San Mateo, California-based company said Wednesday in a statement. That would be a growth rate of as much as 92% over the period a year earlier, the company said, compared with a pace of 110% in the fiscal first quarter, which ended April 30. Analysts, on average, estimated $233 million, according to data compiled by Bloomberg.

Total revenue more than doubled to $228.9 million in the fiscal first quarter, compared with analysts’ average estimate of $213.4 million. The company reported its net loss was $203 million, or 70 cents a share, from $93.6 million, or $1.72, a year earlier.

“Given there were high expectations into the quarter, the investor base might not be satisfied enough with these results to drive shares higher,” Raimo Lenschow, an analyst at Barclays, wrote in a research note.

Snowflake’s software pulls information from multiple systems so clients can analyze it together in one place. The company competes against the cloud-computing divisions of Amazon.com Inc., Microsoft Corp. and Alphabet Inc., as well as open-source vendor Cloudera Inc. and database stalwart Oracle Corp. Snowflake has secured major deals with banks, including Capital One Financial Corp. and Goldman Sachs Group Inc.

After the successful initial public offering in September, shareholders have grown concerned that the company is overvalued. The stock had declined 16% this year through Wednesday’s close.

(Updates with comments from analyst in the fourth paragraph.)

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