Snowflake Shares Up on Upbeat Guidance: ETFs to Benefit
Software solutions provider Snowflake (NYSE: SNOW) reported a moderate start to the fiscal year with first-quarter revenue topping expectations. Although the company missed on earnings estimate, upbeat guidance sent shares up by 4.4% in after hours on May 22, 2024.
This puts focus on Snowflake-heavy ETFs like Spear Alpha ETF (NASDAQ: SPRX), TrueShares Technology, AI & Deep Learning ETF (ARCA:LRNZ) and Global X Cloud Computing ETF (NASDAQ: CLOU). The cloud-based data warehousing company announced that its revenue for the quarter was $828.7 million, marking a 33% increase from the same period last year. It beat the Zacks Consensus estimate by 5.31%.
The company’s adjusted earnings per share came in at $0.14, which was $0.04 below the Zacks Consensus estimate of $0.17. Despite the EPS miss, investors focused on the company’s robust revenue performance, which was driven by a 34% year-over-year growth in product revenue, totaling nearly …
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