Snowflake Inc. (NYSE:SNOW) shares are trading higher Thursday in sympathy with Salesforce, after the enterprise software giant posted stronger-than-expected second-quarter results and raised its full-year outlook.
Snowflake shares are climbing with conviction. What’s behind SNOW gains?
Salesforce Beats Estimates and Lifts Full-Year Guidance
Salesforce Inc.’s (NYSE:CRM) top line came in at $11.35 billion for the quarter, clearing the $11.32 billion Wall Street had penciled in and marking an 11% climb from the year-ago period. Profitability told an even bigger story, with adjusted earnings landing at $5.90 a share against a consensus call of just $3.27.
Turning to guidance, Salesforce pointed to third-quarter revenue landing somewhere between $11.42 billion and $11.50 billion, edging out the Street’s $11.41 billion projection, alongside adjusted profit of $3.42 to $3.44 per share, ahead of the $3.37 consensus.
