Market After-Hours Update: Snowflake Surges as Tech Giants Report Quarterly Results

Several key stocks are experiencing significant volatility in extended trading following the release of their latest quarterly financial reports.

Snowflake shares soared 33% after the cloud data platform provider announced a strategic plan to spend $6 billion with Amazon Web Services over the next five years. The company also outperformed analyst expectations for the first quarter, reporting adjusted earnings of 39 cents per share on revenue of $1.39 billion, beating LSEG estimates of 32 cents per share and $1.32 billion in revenue.

Agilent Technologies saw its shares jump 11% after the healthcare equipment firm reported a second-quarter beat on both the top and bottom lines. The company also raised its full-year adjusted earnings guidance to a range of $6 to $6.10 per share, up from previous estimates of $5.90 to $6.04.

NCino shares climbed 11% after the financial software provider increased its full-year revenue outlook to between $642 million and $646 million, surpassing its previous guidance of $639 million to $643 million.

Nutanix added 3% following a fiscal third-quarter beat in both adjusted earnings and revenue. The company’s non-GAAP operating margin reached 22.3%, significantly exceeding the 16.9% anticipated by analysts.

Salesforce shares dipped slightly despite posting a first-quarter beat in earnings and revenue. While the company raised its full-year earnings guidance, its current-quarter revenue forecast of $11.27 billion to $11.35 billion fell just short of the $11.36 billion predicted by LSEG analysts.

Marvell Technology declined more than 1% despite a strong first quarter and a positive outlook. The semiconductor firm expects adjusted earnings of 93 cents per share on $2.70 billion in revenue for the current quarter, topping Wall Street’s projections of 90 cents per share and $2.60 billion.

Synopsys shares slipped 1% after the chip designer announced an agreement with activist investor Elliott Investment Management to appoint Jesse Cohn to its board of directors on June 1. Financially, the company beat second-quarter estimates, posting adjusted earnings of $3.35 per share on $2.28 billion in revenue.

Everpure (formerly Pure Storage) shed over 6%. Although the company beat first-quarter adjusted earnings and revenue estimates and provided optimistic operating income guidance, its non-GAAP gross margin merely met expectations.

Braze shares tumbled 12% after reporting first-quarter adjusted earnings of 10 cents per share. While earnings met expectations, the company’s gross margin of 67.4% trailed the consensus estimate of 68.8%.

American Superconductor shares slid 10% after providing current-quarter guidance that fell short of analyst projections. The company expects adjusted earnings to exceed 17 cents per share and revenue to top $85 million, compared to FactSet estimates of 22 cents per share and $87.1 million in revenue.

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