Snowflake Inc. (NYSE:SNOW) was among the stocks Jim Cramer discussed in this changing market.
Cramer praised the company’s latest earnings results, as he remarked: We finally got some ironclad proof that AI displacement worries simply don’t apply to some software companies
Look at Snowflake. This company shot the lights out after the bell, reporting a 7-cent earnings beat off a 32-cent basis with higher than expected revenue, up 33% year-over-year. Their remaining performance obligation, up 38%.
Their AI business in particular is booming. Even better, management gave very strong guidance for both the current quarter and the full year, which is why the stock is flying in after-hours trading… The stock is flying as it should be… Everybody should understand, this is one that has transversed where the software companies are going. It’s finally where the money is, and the growth is, and that’s what matters.