Snowflake Stock Is Surging Today: What's Going On?
Portfolio Pulse from Adam Eckert
Shares of Snowflake Inc (NYSE:SNOW) are trading higher following strong Q3 earnings results from Datadog Inc (NASDAQ:DDOG). Datadog reported Q3 revenue of $547.536 million, up 25% YoY, beating analyst estimates. The company also provided higher than expected guidance for Q4 and full-year revenue and earnings. Following the report, Datadog shares jumped more than 23%, and Snowflake shares were up 7.49%.
November 07, 2023 | 1:53 pm
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POSITIVE IMPACT
Datadog reported strong Q3 earnings and provided higher than expected guidance for Q4 and full-year revenue and earnings, leading to a 23% jump in its share price.
Datadog's strong Q3 earnings and higher than expected guidance for Q4 and full-year revenue and earnings have positively impacted investor sentiment, leading to a significant increase in its share price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Shares of Snowflake were up 7.49% following strong Q3 earnings results from Datadog, a fellow data cloud provider.
Snowflake's share price has increased due to the strong Q3 earnings results from Datadog, a fellow data cloud provider. This suggests that investors are optimistic about the performance of data cloud providers.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80