SNOW - Why Snowflake Stock Is Floating Upward Today
2023-11-30 13:26:59 ET
Business software specialist Snowflake (NYSE: SNOW) easily beat quarterly earnings expectations and provided an upbeat outlook for the quarters to come. Investors are celebrating a snow day, sending shares up as much as 10% on Thursday and up 5.1% as of 12:45 p.m. ET.
Snowflake makes cloud-based tools that help businesses organize data stored across various databases and easily query the data to produce actionable insight. The company in its most recent quarter earned $0.27 per share on revenue of $734.2 million, outpacing Wall Street's forecast of $0.16 per share in earnings on sales of $713.06 million.
Revenue was up 32% year over year, and Snowflake at quarter-end had 436 customers doing at least $1 million worth of business with it over the past year. Overall, more than one-quarter of the Forbes Global 2000 are customers. Snowflake also generated $111 million in adjusted free cash flow , 70% higher than a year ago.
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Why Snowflake Stock Is Floating Upward Today