Why Snowflake Stock Rallied Thursday Morning
Shares of Snowflake (NYSE: SNOW) traded higher Thursday morning, jumping as much as 5.3%. As of 10:48 a.m. ET, the stock was still up 2.8%.
The catalyst that sent the cloud stock higher was the company's financial report, which was much better than expected.
For its fiscal 2023 third quarter (ended Oct. 31), Snowflake generated revenue of $557 million, up 67% year over year, driven by product revenue that also grew 67%. This resulted in adjusted earnings per share (EPS) of $0.12, up 200%.
Source Fool.com
