U.S. Movers: Five Below, Pure Storage, Salesforce, Snowflake

  • Scott Peters
  • U.S.A. New York City
  • Nov 30, 2023
  • Salesforce reported a surge in quarterly earnings. Snowflake said quarterly sales and adjusted free cash flow jumped. Five Below offered the same store sales outlook during the holiday season.

    Five Below was nearly unchanged at $188.0 after the deep discount retailer reported its third-quarter results.

    Revenue in the third quarter increased 14.2% to $736.4 million from $645.0 million, and comparable store sales rose 2.5% from a year ago.

    Net income in the quarter declined to $14.6 million from $16.1 million, and diluted earnings per share fell to 26 cents from 29 cents a year ago.

    The company repurchased 500,000 shares in the third quarter at a cost of $80 million.

    The company estimated net sales in the fourth quarter to be in the range of $1.32 billion to $1.35 billion, including an additional 60 stores, based on a 2% to 3% rise in comparable store sales.

    Net income in the fourth quarter is estimated to be in the range of $201 million and $211 million.

    Pure Storage plunged 15.7% to $32.17 after the data storage company estimated a lower-than-expected current quarter and annual revenue.

    Revenue in the third quarter increased 13% to $762.8 million from $676.1 million; the company swung to net income of $70.4 million from a loss of $0.7 million; and diluted earnings per share were 21 cents compared to breakeven.

    Subscription services revenue increased by 26% to $309.6 million, and subscription annual recurring revenue also increased by 26% to $1.3 billion.

    Salesforce soared 9.2% to $251.53 after the customer contact management software company reported better-than-expected earnings.

    Revenue in the third quarter increased 11% to $8.7 billion from $7.8 billion, net income soared to $1.2 billion from $210 million, and diluted earnings per share rose to $1.25 from 21 cents a year ago.

    The company repurchased $1.9 billion of its stock in the third quarter.

    The software company estimated fourth-quarter revenue to increase 10% and fall in the range of $9.18 billion and $9.23 billion and narrowed its full-year fiscal 2024 revenue outlook to an increase of 11% to between $34.75 billion and $35.8 billion.

    Snowflake jumped 7.2% to $187.95 after the software company reported that revenue jumped in its latest quarter.

    Revenue in the fiscal third quarter ending in October jumped 32% to $734.2 million from $557 million; net loss expanded to $214.7 million from $201.4 million; and diluted loss per share expanded to 65 cents from 63 cents a year ago.

    The company said remaining performance obligations increased by 23% to $3.7 billion, and the company now has 436 customers with trailing 12-month product revenue of more than $1.0 million.

    Non-GAAP adjusted free cash flow soared 70% from a year ago to $111 million in the quarter.

Annual Returns

Company Ticker 2024 2023 2022
Five Below Inc FIVE -66% 20% -13%
Snowflake Inc SNOW -35% 32% -58%
Salesforce com Inc CRM -1% 98% -48%
Pure Storage Inc. PSTG 68% 20% -8%