Snowflake (SNOW) Stock Jumps 22% After Q2 Earnings Beat as Cramer Calls It a “Huge Move”
TLDR
- Snowflake beat on earnings per share (62 cents vs 45 cents expected) and revenue ($1.55B vs $1.48B expected)
- SNOW stock jumped 22% after hours, with pre-market trading pushing it up over 23% to $376 per share
- Jim Cramer called SNOW primed for a “huge move” following the Q2 results
- AI coding agent CoCo now has 9,100 accounts, up 2,000+ during the quarter
- Michael Burry pushed back, calling Snowflake “very overvalued” and flagging data security risks
Snowflake posted a strong fiscal second quarter, beating Wall Street on both the top and bottom lines. Revenue came in at $1.55 billion, up 35% year over year, beating the $1.48 billion consensus. Adjusted earnings per share hit 62 cents, well above the 45 cents analysts expected.
The stock surged 22% in after-hours trading on Wednesday. By pre-market Thursday, it had climbed 23.27% to $376 per share. That would mark the fourth-largest single-day gain since Snowflake went public in 2020.
Product revenue for Q2 came in at $1.49 billion, up 37% year over year. The net loss narrowed to $191.7 million, or 55 cents per share, down from a $297.9 million loss in the same quarter last year.
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