Shares of notable companies experienced significant movements in premarket trading following the release of earnings results and forecasts.
Snowflake saw a remarkable rise of 24% after reporting second-quarter earnings of 62 cents per share on revenue of $1.55 billion, surpassing analyst expectations of 45 cents and $1.48 billion. The company also raised its full-year product revenue guidance, positively impacting software sector peers, which saw gains: Datadog rose more than 5%, ServiceNow increased by 3%, and Salesforce added over 1.5%.
In contrast, Hewlett Packard Enterprise (HPE) saw its shares decline by 3%. HPE projected earnings growth of 16% to 20% for the fiscal year ending October 2027, slightly below analyst expectations. Meanwhile, Broadcom’s shares fell 2.5% following a revenue forecast of $34.8 billion for the fourth quarter, underwhelming compared to the anticipated $35.03 billion.
The Campbell’s Company reported a disappointing earnings outlook for fiscal 2027, resulting in a nearly 7% drop in shares. Ultragenyx Pharmaceutical experienced a dramatic plunge of over 46% after failing to achieve primary endpoints in its Phase 3 trial for a drug targeting Angelman syndrome, leading the company to reevaluate its development program.
On a more positive note, Petco’s shares surged nearly 9% thanks to better-than-expected adjusted EBITDA margins, and Argan’s stock increased by 7.5% after strong second-quarter earnings. Five Below also rose by 4.5% after its results exceeded expectations.
Conversely, Victoria’s Secret’s shares dropped by more than 18% due to missed revenue estimates and tepid guidance for operating income.
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