Snowflake Surges 24% Premarket on Q2 Beat and Raised Guidance
SNOW has more than doubled off its 52-week low of $118.3 on elevated volume (2.1× avg).
Summary
Snowflake shares are up 24% in premarket trading after Q2 results beat expectations and the company raised its full-year product revenue outlook. The company reported adjusted earnings of 62 cents per share on revenue of $1.55 billion, above the 45 cents and $1.48 billion analysts expected. Product revenue guidance was lifted to $6.07 billion from $5.84 billion. This follows yesterday's after-hours earnings release and the 8-K filing, but the premarket surge reflects a new trading session's reaction. Ultragenyx, a separate company, plunged 46% after its Angelman syndrome drug failed a Phase 3 trial, but that does not affect Snowflake. The rally also lifted software peers like Datadog and ServiceNow.
At the time of this announcement, SNOW was trading at $377.77 on NYSE in the Technology sector, with a market capitalization of approximately $106B. The 52-week trading range was $118.30 to $341.95. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Binance News.