Salesforce Earnings Boost Snowflake Shares Amid Tech Sector Surge

Salesforce's strong Q2 results and raised full-year guidance sent shockwaves through the tech sector on Thursday, lifting Snowflake shares by 5.08% to $331.39.

The enterprise software giant reported revenue of $11.35 billion, beating the consensus estimate of $11.32 billion, marking an 11% year-over-year increase.

Adjusted earnings per share landed at $5.90, significantly exceeding the consensus call of $3.27.

Management also upgraded its full fiscal-year targets, raising revenue to a range of $46.1 billion to $46.4 billion and adjusted earnings guidance to $16.67 to $16.71 per share.