Today’s Market Movers: Snowflake Jumps 24% as Broadcom and Hewlett Packard Enterprise Fall on Earnings
TLDR
- Snowflake jumped 24% after crushing Q2 targets and issuing strong guidance
- NetApp fell 9% despite record revenue as free cash flow dropped 35%
- Hewlett Packard Enterprise dropped 5% even after beating Q2 expectations
- ChargePoint rose 18% after revenue climbed 17.8% year over year
- Broadcom slid 3.6% on concerns about data center financing and a Google design deal with Marvell
Snowflake was the clear winner in Thursday’s market session. The data warehousing company posted strong fiscal Q2 results, with product revenue rising 37% year over year to $1.49 billion. Shares jumped 24% on the back of the report.
The company also issued an upbeat outlook. For Q3, Snowflake expects product revenue of $1.588 billion to $1.593 billion, well above the $1.51 billion Wall Street consensus. For full year 2027, it projects product revenue of $6.07 billion, up 31% year over year.
CEO Sridhar Ramaswamy told Barron’s that Snowflake remains on track to break even next year. The company highlighted accelerating AI adoption as a driver of new workloads and higher platform usage.
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