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Snowflake Surges Over 23% on Earnings Beat, Ultragenyx Plummets After Trial Failure
Shares of data-cloud company Snowflake surged in premarket trading Thursday after it reported second-quarter results that surpassed analyst expectations and raised its full-year outlook. The positive report contrasted sharply with significant premarket declines for Ultragenyx Pharmaceutical, Hewlett Packard Enterprise, and Broadcom, each reacting to company-specific news.
Earnings Winners Rally
Snowflake (SNOW) saw its shares jump by more than 23% after a robust quarterly report. The company's performance highlights accelerating demand for its data services.
- Adjusted EPS: $0.62, beating estimates of $0.45.
- Revenue: Grew 35% year-over-year to $1.55 billion.
- Product Revenue: Climbed 37% to $1.49 billion, marking a third consecutive quarter of accelerating growth.
- Outlook: Snowflake raised its fiscal 2027 product revenue forecast to $6.07 billion, up from a prior $5.84 billion.
Discount retailer Five Below (FIVE) also gained ground, rising about 4% after its fiscal second-quarter results beat expectations. The company reported a 14.1% increase in comparable sales, its fifth straight quarter of double-digit growth. Five Below raised its full-year sales guidance to a range of $5.63 billion to $5.71 billion and announced a new $600 million share buyback program.
AdTech Disappointments and a Biotech Setback
Despite some positive earnings reports, several major companies saw their shares fall. Ultragenyx Pharmaceutical (RARE) plummeted over 44% after announcing its drug candidate, apazunersen, failed to meet its primary goal in a late-stage trial for Angelman syndrome. The company stated it is now reviewing the future of the drug program.
In the technology sector, Hewlett Packard Enterprise (HPE) shares fell nearly 3%. The decline occurred despite the company beating quarterly estimates and raising its guidance, as investors reportedly focused on ongoing supply chain constraints. Similarly, Broadcom (AVGO) shares dipped around 3% after it issued a fourth-quarter revenue forecast of $34.8 billion, which fell short of the $35.05 billion analysts had anticipated.
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