Snowflake Surges 24% on Strong Results, Lifting Software Peers

Earnings
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Summary · why it matters

Snowflake shares surged 24% in premarket trading after its second-quarter results beat analyst expectations, with adjusted earnings of 62 cents per share on revenue of $1.55 billion, surpassing the LSEG consensus of 45 cents and $1.48 billion, and the company raised its full-year product revenue guidance. The rally lifted software peers, with Datadog jumping over 5%, ServiceNow up 3%, and Salesforce rising 1.5%. In other moves, Hewlett Packard Enterprise slipped 3% after forecasting earnings growth of 16% to 20% for fiscal 2027, below the FactSet consensus of 18.7%, while Broadcom lost 2.5% as its fourth-quarter revenue forecast of $34.8 billion missed the $35.03 billion estimate. Campbell's Company fell nearly 7% on weak fiscal 2027 guidance, and Ultragenyx Pharmaceutical plunged over 46% after its Angelman syndrome drug failed a Phase 3 trial. On the upside, Petco jumped almost 9% on better-than-expected margins, Argan popped 7.5% on strong earnings, Five Below rose 4.5% on a beat, and Netskope gained 12% on upbeat revenue guidance, while Victoria's Secret sank over 18% on a revenue miss and NetApp shed 8% on soft deferred revenue.

Impact on stocks 17

Consumer Discretionary± Mixed · 4 stocks
Five Below Inc
FIVE
▲ PositiveCapitalrelevance

Five Below rose 4.5% on a beat, indicating strong earnings results.

Artificial Intelligence± Mixed · 4 stocks
Hewlett Packard Enterprise Co
HPE
▼ NegativeCapitalrelevance

Hewlett Packard Enterprise forecasted fiscal 2027 earnings growth below consensus, causing shares to slip 3%.

ServiceNow Inc
NOW
▲ PositiveCapitalrelevance

ServiceNow rose 3% as part of the software rally following Snowflake's strong results, though no specific company news.

Cloud & Digital Infrastructure± Mixed · 3 stocks
NetApp Inc
NTAP
▼ NegativeCapitalrelevance

NetApp shed 8% on soft deferred revenue, indicating weaker future revenue expectations.

Biotech & Genomic Medicine▼ · 2 stocks
Energy Transition & Power Demand▲ · 1 stocks
Argan Inc
AGX
▲ PositiveCapitalrelevance

Strong earnings reported

Consumer Staples▼ · 1 stocks
Cybersecurity & Digital Trust▲ · 1 stocks
Real Estate▲ · 1 stocks
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