Snowflake Stock Is Surging Today: What's Going On?

Snowflake Inc SNOW shares are trading higher Tuesday following strong earnings results from Datadog Inc DDOG. Both Snowflake and Datadog are data cloud providers. 

What Happened: Datadog reported third-quarter revenue of $547.536 million, which was up 25% year-over-year and beat analyst estimates of $524.125 million, according to Benzinga Pro. The cloud company reported earnings of 45 cents per share, which beat estimates of 34 cents per share. 

"Companies across all industries and sizes are building cloud applications and services to deliver positive business outcomes," said Olivier Pomel, co-founder and CEO of Datadog. 

Datadog said it expects fourth-quarter revenue to be between $564 million and $568 million versus estimates of $543.39 million. The company sees fourth-quarter earnings in a range of 42 cents to 44 cents per share versus estimates of 35 cents per share.

Datadog expects full-year revenue to be between $2.103 billion and $2.107 billion versus estimates of $2.06 billion. The company expects full-year earnings to be between $1.52 and $1.54 per share versus estimates of $1.33 per share. 

Datadog shares jumped more than 23% following the report. 

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SNOW Price Action: Snowflake shares were up 7.49% at $155 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Snowflake.