Snowflake reported adjusted earnings of 62 cents per share on revenue of $1.55 billion for the second quarter, surpassing analyst expectations of 45 cents and $1.48 billion, respectively. This strong performance led to a 24% increase in its stock price and positively influenced other software companies, with Datadog rising over 5% and ServiceNow gaining 3%.
In contrast, Hewlett Packard Enterprise's stock fell 3% despite forecasting earnings growth of 16% to 20% for the fiscal year ending October 2027, slightly below the FactSet consensus of 18.7%. Broadcom's shares dropped 2.5% after its fourth-quarter revenue forecast of $34.8 billion fell short of the $35.03 billion estimate.
Campbell's Company saw a nearly 7% decline after providing earnings guidance for fiscal 2027 that was below expectations. Ultragenyx Pharmaceutical's shares plummeted over 46% following disappointing Phase 3 trial results for a drug targeting Angelman syndrome. Conversely, Petco's stock rose almost 9% after reporting an adjusted EBITDA margin of 8.2%, exceeding expectations.
Moderna's shares decreased more than 2% after being downgraded by Rothschild & Co Redburn, which deemed the stock overvalued post-trial success. Argan's stock increased nearly 7.5% after reporting earnings of $3.76 per share, significantly above the expected $2.64. Five Below's shares rose 4.5% after beating earnings and revenue expectations.
Victoria's Secret's stock fell over 18% after slightly missing revenue estimates, while Netskope's shares jumped 12% on positive revenue guidance. NetApp's stock declined 8% after deferred revenue fell short of expectations