Snowflake Surges Over 20% on Q2 Earnings Beat While Broadcom Slips on Soft Guidance

Snowflake dominated market activity on September 3, 2026, with shares jumping more than 20% in premarket trading after the data analytics company reported fiscal second-quarter results that sharply exceeded Wall Street expectations. Revenue for the quarter came in at $1.55 billion, up 35% year-over-year and above the $1.48 billion consensus estimate, while adjusted earnings per share of $0.62 topped forecasts of $0.45 by a wide margin. CEO Sridhar Ramaswamy credited artificial intelligence, saying it continues to compound the company's advantages and create a flywheel effect across the business. Snowflake also raised its full-year guidance, driving after-hours gains of roughly 22-23% the prior evening before extending into Thursday's session.

Broadcom moved in the opposite direction, with shares falling after the chipmaker issued guidance for its fiscal fourth quarter that fell short of investor expectations. The company reported Q3 revenue of $29.59 billion and adjusted earnings per share of $3.32, both above analyst consensus of $29.36 billion and $3.24, respectively. However, Broadcom's Q4 revenue forecast of $34.8 billion came in below the $35.03 billion analysts had anticipated, and JPMorgan noted that even the in-line elements of the guidance were likely below what investors had been expecting, not just what sell-side models showed.

Elsewhere in markets, Uber Technologies rose nearly 2% in premarket trading after the company confirmed a company-wide restructuring that will eliminate approximately 3,300 jobs, representing about 10% of its total workforce. The cuts are aimed at removing management layers, consolidating teams, and reducing costs. Hewlett Packard Enterprise added around 3% in sympathy with broader strength among AI server manufacturers. Ciena and Lululemon Athletica remained in focus ahead of their scheduled earnings reports on September 3.