Why Snowflake Stock Surged Today

Shares of Snowflake (NYSE: SNOW) soared on Thursday, following the cloud-based data management company's first earnings report since its initial public offering (IPO) in September.

As of 3:13 p.m. EST, Snowflake's stock was up more than 12% after rising as much as 17.2% earlier in the day.

Snowflake's third-quarter revenue soared 119% year over year to $159.6 million. The data platform company is benefiting from a powerful combination of new customer additions and higher sales to existing clients. Its total customer count surged 84%, to 3,554, at the end of October. Meanwhile, its net revenue retention rate -- which measures sales to a cohort of customers from one year to the next -- came in at a sterling 162%.

Source Fool.com