US software stocks rise after Snowflake's upbeat forecast
SNOW•Software stocks rise after Snowflake raises forecast
U.S. software stocks rose premarket after Snowflake SNOW.N lifted its FY27 product revenue forecast and beat second-quarter estimates.
- SNOW soars 23.8% to $378.9 before the bell.
- The cloud data platform provider raised its FY27 product revenue forecast to $6.07 billion from $5.84 billion.
- Other software companies also rose: ServiceNow NOW.N up 2.8%, Salesforce CRM.N advances 1.5%, Adobe ADBE.O gains 1.3%, Intuit INTU.O adds 1.3% and Atlassian TEAM.O up 1.9%.
- The iShares Expanded Tech-Software Sector ETF IGV.N was also up 1.3%.
- Software stocks have been under pressure this year amid concerns that new artificial intelligence models could upend the industry and disrupt established business models.
- The S&P 500 Software & Services Index .SPLRCIS is down 1.7% year to date versus a 12% gain in the S&P 500 .SPX.
