Here's Why Snowflake Stock Skyrocketed Today
Shares of data company Snowflake (NYSE: SNOW) skyrocketed on Thursday after investors were pleasantly surprised with the financial results it reported for its fiscal third quarter of 2025. As of 12:40 p.m. ET, Snowflake stock was up 34%.
I believe that investors are looking at Snowflake's business trends more than its headline numbers today. The company had some big customer wins during Q3, which was an encouraging sign. Like most enterprise software companies, its customers sign longer-term contracts, and this is recorded as remaining performance obligations.
And in Q3, Snowflake's customer growth resulted in big gains in remaining performance obligations. These jumped 10% quarter over quarter to $5.7 billion. For perspective, there was only a 4% jump between the second and third quarters of its fiscal 2024.
Source Fool.com
