Snowflake Brakes Its Pattern Of Outlook Cuts With The Power Of AI
Portfolio Pulse from Upwallstreet
Snowflake Inc (NYSE:SNOW) exceeded analysts' expectations with its latest quarterly revenue and earnings, with shares rising 3% following the report. The company's results were boosted by increasing data management and storage needs amid the AI hype. Snowflake also announced a partnership with Nvidia (NASDAQ:NVDA) to help enterprises build custom large language AI models. For the quarter ending July 31st, revenue rose about 36% to $674 million, topping Refinitiv’s consensus estimate of $662.2 million. The company expects product revenue for the third quarter to be between $670 million and $675 million.
August 25, 2023 | 4:50 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Nvidia's partnership with Snowflake to build custom large language AI models could potentially boost its position in the AI market.
Nvidia's partnership with Snowflake could potentially enhance its offerings in the AI market, which could positively impact its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Snowflake's Q2 results exceeded expectations, with a 36% increase in revenue to $674 million. The company's partnership with Nvidia and the rising demand for AI and data management solutions have contributed to this growth.
Snowflake's strong Q2 results and positive outlook for Q3, along with its strategic partnership with Nvidia, are likely to boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100