Why SNOW Surged Over 20% Today? Snowflake

Aug 25th, 2022 13:11 EST

Why SNOW surged over 20% today during the premarket hours? The stock price of Snowflake (NYSE: SNOW) pushed high significantly today during the premarket hours. It reaches more than $190, which is more than 20% higher than its closing price the previous day. Here is what you need to know about it. On August 24th, at 16:05 EST, Snowflake (NYSE: SNOW) announced its Financial Results for the Second Quarter of Fiscal 2023 and future outlooks. The results and forecasts seemed appealing to traders and investors, and its stock price has increased by more than 20% since. Snowflake (NYSE: SNOW) is a provider of cloud technology that enables every organization to mobilize its data with Snowflake’s Data Cloud. The revenue has grown 83% compared to the prior year, reaching $497.2 million. 78% year-over-year growth in Remaining performance obligations reaching $2.7 billion. The remarkable growth of 171% in Net revenue retention rate could be mentioned as the highlight of the financial report. The number of existing customers is 6,808 total customers and 246 customers, with a trailing 12-month product revenue greater than $1 million. The non-GAAP product gross margin exceeded 75%, and the company continues to generate non-GAAP operating income and free cash flow. SNOW sets the expectations high for the next quarter after achieving incredible results in the second quarter.

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