Dec 4 (Reuters) – Snowflake shares slumped 8% in premarket trading 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.

Chief Executive Officer Sridhar Ramaswamy said on Wednesday that 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.”

However, at least 13 brokerages raised their price targets on the stock, encouraged by the signs of adoption in the company’s AI offerings.

If premarket losses hold, Snowflake could lose around $7 billion from its market value of nearly $90 billion. The company’s shares have risen over 70% so far this year.

The company also a

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