SNOW - This May Be Your Last Chance to Buy This Magnificent Growth Stock Before It Skyrockets in 2024
2023-12-05 05:20:00 ET
By some standards, Snowflake (NYSE: SNOW) stock has underperformed so far in 2023. It's up just 29% year to date, while the tech-heavy Nasdaq Composite index has clocked a gain of 37% -- though both are outpacing the broad market S&P 500, which is up by about 20%. That's good, but what is even better is that the cloud-based data platform provider's share price growth could accelerate in 2024, particularly given what it revealed in its latest earnings report.
Snowflake stock surged more than 7% in the session after the company released results for its fiscal 2024 third quarter, which ended Oct. 31. Let's see why that was the case and check why this cloud stock could sustain its momentum in 2024 and head higher.
Snowflake's revenue increased 32% year over year to $734 million in fiscal Q3, exceeding analysts' $714 million consensus estimate. That impressive growth was driven by a 34% year-over-year increase in the company's product revenue to $698.5 million. Snowflake's product revenue measures the use of the company's cloud-based platform by its clients, capturing "the consumption of compute, storage, and data transfer resources."
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This May Be Your Last Chance to Buy This Magnificent Growth Stock Before It Skyrockets in 2024