Snowflake is growing revenue rapidly, which is excellent news for investors looking to buy the stock.
A broad array of stocks traded lower on Friday as investors focused on the state of the economy and the Federal Reserve's ongoing campaign to battle persistent inflation. With that as a backdrop, as of 1:30 p.m. ET, shares of Nvidia (NASDAQ: NVDA) had slumped by 3.1%, Palo Alto Networks (NASDAQ: PANW) was trading down by 2.9%, Snowflake (NYSE: SNOW) was off by 2.3%, and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) had slipped by 1.1%.
Data-cloud platform company Snowflake (NYSE: SNOW) impressed investors with its fiscal third-quarter earnings report this week. Shares of the growth stock managed to rise nearly 8% by the time the market closed Thursday -- the first trading day following the company's earnings report.