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Snowflake Inc. (NYSE:SNOW) shares are moving higher Thursday, bouncing back after falling amid overall tech weakness on Wednesday. The stock may be benefiting from strong quarterly results from ServiceNow Inc. (NYSE:NOW).
What Happened With NOW: ServiceNow reported second-quarter revenue of $2.627 billion, surpassing the consensus estimate of $2.607 billion. This beat in earnings has driven a positive sentiment in the market, causing ServiceNow shares to rise by 14.7% to $837.96 at the time of publication Thursday.
Analysts cite robust U.S. federal business and increasing AI software adoption as key drivers of this performance.
Why It Matters: Snowflake and ServiceNow are both significant players in the cloud computing sector. ServiceNow’s strong performance may indicate a positive trend for similar companies, suggesting that Snowflake could also experience favorable results in its upcoming earnings report.
Price Action: Snowflake shares were up by 4.20% at $130.90 at the time of writing, according to Benzinga Pro.
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