INFA - Why Informatica Stock Jumped on Thursday
2023-08-03 11:02:55 ET
Informatica (NYSE: INFA) stock investors had a good day on Thursday. Shares of the cloud data management specialist rose 10% in early trading compared to a slight decline in the S&P 500 . The daily spike was enough to push returns to over 20% so far in 2023, above the broader market's 17% increase to date.
Thursday's rally was powered by a second-quarter earnings report that showed solid sales momentum for the business.
Informatica revealed after the market closed on Wednesday that revenue rose 1% in fiscal Q2 (ending in late June). Looking deeper into the sales trends, its cloud subscription sales jumped 37% thanks to higher demand for data management services.
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Why Informatica Stock Jumped on Thursday