Today’s Market Movers: Snowflake Jumps 24% as Broadcom and Hewlett Packard Enterprise Fall on Earnings

TLDR

• Snowflake jumped 24% after crushing Q2 targets and issuing strong guidance
• NetApp fell 9% despite record revenue as free cash flow dropped 35%
• Hewlett Packard Enterprise dropped 5% even after beating Q2 expectations
• ChargePoint rose 18% after revenue climbed 17.8% year over year
• Broadcom slid 3.6% on concerns about data center financing and a Google design deal with Marvell

Snowflake was the clear winner in Thursday’s market session. The data warehousing company posted strong fiscal Q2 results, with product revenue rising 37% year over year to $1.49 billion. Shares jumped 24% on the back of the report.

Snowflake Inc., SNOW

The company also issued an upbeat outlook. For Q3, Snowflake expects product revenue of $1.588 billion to $1.593 billion, well above the $1.51 billion Wall Street consensus. For full year 2027, it projects product revenue of $6.07 billion, up 31% year over year.

CEO Sridhar Ramaswamy told Barron’s that Snowflake remains on track to break even next year. The company highlighted accelerating AI adoption as a driver of new workloads and higher platform usage.

NetApp Falls Despite Record Revenue

NetApp had a different story. The data storage company posted record Q1 revenue of $2.03 billion, up 30% year over year and well above the $1.84 billion consensus. Adjusted gross margin came in at 70.6%, also above estimates.

But free cash flow fell 35% year over year to $401 million, down from $620 million. That decline weighed on investor sentiment and shares dropped 9%.

NetApp raised its full year 2027 revenue guidance to $7.98 billion to $8.23 billion and lifted its adjusted earnings per share outlook. The company is also investing in AI infrastructure through its DataPelago acquisition.

Hewlett Packard Enterprise and Broadcom Also Slide

Hewlett Packard Enterprise beat Q2 expectations, with revenue rising 34% year over year to $12.21 billion. Networking revenue surged 75% and Cloud and AI revenue rose 25.4%. The company raised its full year adjusted earnings per share outlook.

HEWLETT PACKARD ENTERPRISE $HPE Q3’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $12.2B (Est. $11.91B) 🟢; +34% YoY
🔹 Adj. EPS: $1.11 (Est. $0.93) 🟢
🔹 Non-GAAP Gross Margin: 40.4%; +1,050 bps YoY
🔹 Non-GAAP Operating Margin: 16.2%; +770 bps YoY

Raises FY26 Guide:
🔹 Non-GAAP EPS:… pic.twitter.com/sMhRlU3X4u

— Wall St Engine (@wallstengine) September 2, 2026

Still, shares fell 5%. The stock had already gained 116% so far this year, which may have set a high bar for investors.

Broadcom slid 3.6% before the opening bell. The chipmaker reported solid Q3 results but failed to ease concerns about data center financing. Investors were also watching a report that major customer Google struck a chip design deal with rival Marvell.

ChargePoint was one of Thursday’s bright spots. The electric vehicle charging company beat Q2 expectations, with revenue up 17.8% year over year. Networked charging systems revenue rose 25% to $62.9 million. Non-GAAP gross margin improved to 38% from 33% a year ago.

ChargePoint’s adjusted EBITDA loss narrowed sharply to $4.8 million from $22.1 million. For Q3, the company expects revenue of $105 million to $115 million, roughly in line with consensus.

Stock futures were mixed in premarket trading Thursday as investors balanced U.S.-Iran geopolitical tensions against ongoing interest rate concerns. Bond yields pulling back helped ease some of the pressure on equities heading into the session.

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