Snowflake Reported Mixed Earnings and Ford Motor’s Major Electric Vehicle Announcement
Snowflake is a tech stock that Warren Buffett likes, along with Apple. Berkshire liked them so much that they entered at the IPO price, something that hasn’t happened since Home Depot. The cloud-computing company has been very popular, having a wild run since their market entry in September.
On Wednesday, Snowflake reported their first quarter earnings. They saw a quarterly loss of 70 cents per share, which missed analyst expectations and matched their last earnings report. However, they slightly beat revenue expectations, reporting $228.9 million. Lastly, Snowflake increased their annual guidance, which was very positive.
Snowflake shares fell 3.04% to $228.10 after the market closed on Wednesday.
Ford is a classic car company located in Motown, the music industry’s name for Detroit, Michigan. Their stock has struggled in the last decade, but Ford’s recent announcements have powered the share price.
On Wednesday, Ford announced that they will spend $30 billion on their electric vehicle future, specifically by 2025. The initiative will be called “Ford+”, and it shows how serious they are about EV production. The announcement follows a series of electric car releases by Ford, with the automaker receiving 70,000 reservations for its F-150 Lightning.
Ford shareholders liked the news as the stock rose 8.51% to $13.90 on Wednesday.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.