CrowdStrike fell 19% after releasing their earning reports. Is this large of a drop justified?

$CrowdStrike Holdings, Inc.(CRWD)$  $Snowflake(SNOW)$  

CrowdStrike fell as much as 20% after releasing their earning reports. Let's solely look at the negatives in the earning report to analyze if this massive drop is justified. 

Soft guidance 

CrowdStrike issued a relatively soft guidance for Q4, raising on EPS but lowering guidance for revenue. 

Overall revenue guidance for FY2023 remains unchanged with a slight increase in EPS expected. 

ARR (Annual recurring revenue) 

The very core of the business was below expectations. 

Although ARR grew 54% YoY, it is not shown that ARR merely grew 10% QoQ

"Total net new ARR was below our expectations as increased macroeconomic headwinds elongated sales cycles with smaller customers and caused some larger customers to pursue multi-phase subscription start dates, which delays ARR recognition until future quarters"- George Kurtz, CrowdStrike’s co-founder and chief executive officer

Macro headwind is still strong 

With customers opting for multi stage subscription start dates and decline in customer growth QoQ shows the increase in macro headwind 

Headcount growth to slow into next year 

CrowdStrike believe they have the talent in place and will shift their focus towards productivity moving forward 

Is the stock price drop justified? 

Wall Street are relentless this year on any companies showings signs of declining growth and CrowdStrike was not spared either

I do feel it doesn't deserve this large of a drop although this is also due to earnings multiple compression happening throughout.

The price now is more attractive for investors who wants a piece of pie in cyber security. I might initiate a small position once the price stabilize