Why Snowflake Stock Is Gaining Steam In Today’s Premarket
Synopsis
Revenue climbed 32% year-over-year (YoY) to $1.15 billion, with the growth accelerating from the first quarter’s 26%.
Snowflake, Inc. (SNOW) shares climbed nearly 15% in early premarket trading on Thursday following the cloud-based data platform provider’s quarterly results.
The premarket buoyancy in Snowflake stock positions it to record its best day since late November, if the gains are sustained, according to Koyfin data.
On Stocktwits, retail sentiment toward the stock remained ‘extremely bullish’ (97/100) by early Thursday, and the message volume improved to ‘extremely high’ levels.
The Bozeman, Montana-based company reported adjusted earnings per share (EPS) of $0.35 per share for the second quarter of fiscal year 2026, up from $0.18 for the year-ago quarter.
Revenue climbed 32% year-over-year (YoY) to $1.15 billion, with the growth accelerating from the first quarter’s 26%. Both metrics exceeded the Fiscal.ai-compiled consensus estimates of $0.27 and $1.09 billion, respectively. Product revenue was $1.09 billion, exceeding the guidance range of $1.035 billion to $1.040 billion.
The second-quarter adjusted operating income margin of 11% also beat the 8% guidance.
Looking ahead, Snowflake guided third-quarter product revenue in the range of $1.125 billion to $1.130 billion and adjusted operating income margin to 9%.
CEO Sridhar Ramaswamy said, “Thousands of customers are betting their business on Snowflake and more than 6,100 accounts are using Snowflake’s AI every week.”
A bullish watcher on the Stocktwits platform called Snowflake a “brilliant company” but said they would look to go long after a 5% pullback following the stock’s earnings rise.
Another user expected a rally to $250 on Thursday.
In premarket, the stock was up 14.12% at $228.80.
Snowflake stock has gained nearly 30% year-to-date (YTD). The Koyfin-compiled consensus price target for the stock is $233.90, implying almost 17% upside from Wednesday’s closing level.
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