Snowflake stock today latest news: Snowflake stock surges over 18% after strong Q2 earnings and positive guidance for next quarter
Snowflake’s strong quarter results: Income and profit bed estimates
The cloud -based data storage company reported that 35 cents corrected earnings per share were almost twice that they did a year ago and that they were very in front of 27 cents expected by analysts, as reported by IBD. According to the report, revenue increased from year to 32% and reached $ 1.1 billion.
CEO Sridhar Ramaswamy shared that more than 6,100 accounts use Snowflake’s AI every week and continue to strengthen every business quoted by Investopedia to obtain full potential through data and artificial intelligence.
William Blair Analyst Jason Ader, “optimistic printing, both structured and unconfigured data serving Snowflake’in data platform strengthens the bull thesis around the technical ditch and the new products become a more financial growth branch and the report, as mentioned in the report, he said.
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Snowflake’s strong guidance for the quarter excites investors
Investors have been further encouraged because the company’s perspective on the current quarter is above the analyst expectation. Snowflake, IBD.RBC Capital Analyst Matthew Hedberg, Wall Street’s IBD.RBC Capital Analyst Matthew Hedberg’e completed the expectations of $ 1.12 billion, foreseen a product revenue of $ 1.12 billion. “Snowflake has exceeded the high expectations that provide the most powerful rhythm up to 32%with product income growth,” he adds, “We see positive literacy among two strong neighborhoods, and that the power and migration activity is the increasing budget allocation of large enterprises and suggests that the structural intelligence projects are proposed to the database for modernization.
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Snowflake positioned to support the distribution of AI agent
Strong earrings results are focused that many companies are experimenting with autonomous, target -oriented AI agents, and profit focused on helping companies to use registered data to distribute their own AI agents.
Snowflake is a company that sells data analysis software and works on cloud calculation platforms, the company has become a cloud data management software provider, and according to the IBD report, Databricks became Snowflake’s biggest competitor.
FAQ
Why did Snowflake’s stock rose?
Because the company has exceeded both earnings and income expectations, and according to the IBD report, it has issued a stronger guidance for the next quarter than expected.
What was Snowflake’s 2nd quarter income?
Income, according to the IBD report, reached 32% from year to year and reached $ 1.1 billion just above forecasts.
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