Salesforce (CRM) and Snowflake (SNOW) are the technology stocks on a move to the upside this morning after posting Q3 results.
Salesforce earned $2.11 in non-GAAP EPS as revenue increased by 11.2% Y/Y to $8.72 billion. It narrowed its full year FY24 revenue guidance to $34.75 billion to $34.8 billion, up by 11% Y/Y. These strong results suggest that artificial intelligence growth is about to accelerate in the next year. CRM stock is up 9.09%.
Snowflake is up 7.5% after it posted revenue growing by 31.8% Y/Y to $734.17 million. Investors are ignoring the $1 billion in annual losses, while the $400 million in buyback offsets the increased share count. For the nine months ended Oct. 31, 2023, it spent $591.7 million in stock repurchases.
Pure Storage (PSTG) lost 15.32% in pre-market trade after the flash array storage supplier issued weak guidance. It expects FQ4 revenue of $782 million, below the ~$920 million consensus estimate.
In the electric vehicle market, Tesla (TSLA), up 0.66%, will start delivery of its Cybertruck. Strong demand for the product would hurt Ford’s (F) Lightning sales. Rivian (RIVN) shares may dip if Tesla succeeds in this market.
Investors seeking dividend income from Canadian banks will watch TD Bank (TD), CIBC (CM), and Royal Bank (RY). All three firms increased their dividend.
