Amid the steep sell-off in SaaS stocks over the last year, Snowflake (SNOW) is the stock to watch today. In its quarterly report, the firm increased its revenue forecast for the year. It signaled rising demand for AI-based workloads and cloud migrations.
SNOW stock will open up by around 30% this morning.
Dycom (DY) has plenty of upside today, despite gaining over 25% on Wednesday. In Q1, non-GAAP EPS was $4.42, after revenue rose by 55.6% Y/Y to $1.96 billion. Its backlog increased by 46.5% to $11.906 billion. Demand for its know-how in the telecom infrastructure market is a moat that keeps its competitors away.
Salesforce (CRM) posted Q1 non-GAAP EPS of $3.88. Revenue grew by 13.2% Y/Y to $11.13 billion. Despite fears that AI would take its business, the firm’s report should dispel those fears. Agentforce and Data 360's annual recurring revenue doubled Y/y to around $3.4 billion.
To support its weak share price, Salesforce said it would buy up to $25 billion of its stock.
Nutanix (NTNX) posted revenue of $703.1 million (+10.0% Y/Y).
In the chip sector, look out below for Qualcomm (QCOM). The stock closed down by 6.2% on Wednesday. It traded as low as $225 on the day before settling at $233.40.
In the EV sector, Tesla’s (TSLA) surging European car registration is promising. After customers boycotted the vehicle due to political reasons, demand is recovering. Registrations increased by 46.5% Y/Y to 10,654 Tesla vehicles.
