SNOW - Why Snowflake Stock Rose 29% Last Month
2023-12-05 17:13:48 ET
Shares of enterprise data company Snowflake (NYSE: SNOW) rose 29.3% in November, according to data provided by S&P Global Market Intelligence . The stock got a boost early in the month, thanks to celebrated financial results from Datadog -- a company that benefits from similar business trends. Then late in the month, Snowflake reported financial results of its own that the market liked.
For its part, Datadog reported on Nov. 7, growing revenue at a faster pace than expected and raising its full-year guidance. Businesses had been pulling back on cloud-based software spending in 2023. But Datadog's results beat expectations. And on the company's earnings call , CFO David Obstler said, "The trends we see in early Q4 are stronger than they've been for the past year."
With these results and commentary from Datadog, Snowflake's shareholders grew more optimistic in November. And the optimism appears to have paid off when Snowflake reported financial results for its fiscal third quarter of 2024 on Nov. 29.
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Why Snowflake Stock Rose 29% Last Month