Snowflake shares soared 32% Thursday, marking their best day since going public in 2020, after the company surpassed analysts’ fiscal Q3 earnings expectations. The data analytics software maker exceeded analyst expectations for adjusted earnings per share and revenue in the fiscal third quarter. CEO Sridhar Ramaswamy emphasized cost-saving measures like streamlined teams while ruling out major layoffs. CFO Mike Scarpelli highlighted growth opportunities in the federal sector and optimism for government partnerships. Snowflake's customer count at the end of October surpassed analyst expectations, reflecting strong quarterly growth.
