Earnings Season Heats Up: Snowflake Jumps 22%, Broadcom Revenue Up 86% as US Stocks Rise

📊 Today's North American Markets

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1. Snowflake Soars 22% on Strong Results

Source: CNBC

Snowflake shares jumped 22% in extended trading Wednesday after the data analytics software maker reported results and guidance that beat expectations.

Revenue rose 35% year over year in the fiscal second quarter, which ended July 31. The company narrowed its net loss to $191.7 million, or 55 cents per share, from $297.9 million, or 89 cents per share, a year earlier. Its CoCo AI coding agent now has 9,100 accounts, adding more than 2,000 during the quarter.

Management raised its full-year product revenue forecast to $6.07 billion, up from $5.84 billion in May, and guided to $1.59 billion in product revenue for the current quarter — both above analyst estimates.

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2. Broadcom Revenue Up 86% in Fiscal Q3

Source: Broadcom (PR Newswire)

Broadcom reported fiscal third-quarter 2026 results Wednesday and declared a quarterly dividend.

Third-quarter revenue came in at $29.6 billion, up 86% from the prior-year period. GAAP diluted EPS was $2.68, while non-GAAP diluted EPS was $3.32.

The board approved a quarterly cash dividend of $0.65 per share, payable September 30, 2026, to stockholders of record as of September 21, 2026.

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3. Palo Alto Networks Beats Estimates on AI Demand

Source: CNBC

Palo Alto Networks beat quarterly estimates as rising AI risks boost demand for its cybersecurity tools.

Revenue jumped 34% during the quarter from $2.54 billion a year earlier. The company posted a net loss of $282 million, or 35 cents per share, compared with net income of $254 million, or 36 cents per share, a year ago. Shares dipped about 2% in extended trading after the report.

CEO Nikesh Arora said accelerating AI attacks are forcing customers to build faster, stronger cyber defenses. The company also announced the acquisition of AI startup Console and issued upbeat guidance for the new fiscal year.

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4. Apple Unveils Pay Package for New CEO John Ternus

Source: Deadline

Apple completed its CEO handover on Tuesday, with John Ternus formally taking over from Tim Cook, who led the company for 15 years. The company disclosed the new CEO's pay package.

Ternus' compensation is worth $58 million, including a $3 million annual salary and equity grants valued at $55 million to be awarded in fiscal 2027, which starts in October. Cook, now executive chairman, will receive a $2 million annual salary effective September 26 plus a fiscal-2027 equity award with a target value of $45 million.

Apple announced in April that Cook would step down, naming Ternus — a 25-year veteran and head of hardware engineering — as his successor. Ternus will introduce himself at a September 9 streaming event called Surprise and Shine.

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5. Uber Cuts 10% of Staff, About 3,300 Jobs

Source: TechCrunch

Uber announced Wednesday it is laying off about 3,300 people, roughly 10% of its global headcount, in its largest cuts since the pandemic.

CEO Dara Khosrowshahi announced the move in an internal email, aiming to reduce management layers and invest more in ridesharing, delivery, and robotaxi divisions. The number of managers will shrink by 20%, and remote work is largely ending, with less than 1% of staff allowed to work remotely.

The company is also combining its engineering, science, and delivery divisions. Khosrowshahi said the company has become "larger and stronger," but that growth brought complexity and fragmented ownership that no longer fit its current scale.

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6. Berkshire CEO Says Japan's Bond Yields Not a Challenge for Now

Source: CNBC

Berkshire Hathaway CEO Greg Abel said Wednesday that rising Japanese bond yields are not posing a fundamental challenge to the country's major trading houses in which the company holds stakes.

Abel noted that Japan's 10-year bond yield hit a 30-year high this week, just above 3%, but remains modest relative to other markets — the US 10-year Treasury yield climbed to a near three-year high above 4.8% on Tuesday. He said none of the trading houses flagged high yields as a fundamental challenge right now.

Berkshire holds stakes of more than 10% in five Japanese trading houses — Itochu, Marubeni, Mitsubishi, Mitsui and Sumitomo. Abel said the company will still raise debt in yen as appropriate and continues to see value in these long-term investments.

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7. Netherlands Moves Gold to London

Source: BBC

The Dutch central bank (DNB) confirmed Wednesday it has moved billions of dollars in gold out of North America to London, citing increasing geopolitical unrest.

DNB said 86 tonnes of gold had been removed from the US and Canada in a complex operation that took several months, and is now held by the Bank of England, where it can be traded more easily in a crisis. President Olaf Sleijpen said the move was necessary to strengthen the bank's resilience and preparedness.

The move comes amid an ongoing US-Canada trade dispute. Previously, DNB held 31.3% of its gold in New York and 19.7% in Ottawa; both now stand at 18.5%, while London's share rose from 18.1% to 32.1%. The Netherlands' total gold stock was 612.4 tonnes, valued at €72.2 billion.

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8. Trump Declares Bulk Power Emergency

Source: Investor's Business Daily

Energy storage and power equipment makers are in the spotlight after President Donald Trump signed an executive order last week declaring a bulk power emergency.

IBD reported that the order could threaten Chinese suppliers' dominance and boost US energy storage stocks Tesla and Fluence Energy. However, the Energy Department could limit the directive's scope by carving out exceptions in the coming months.

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9. Range Rover Launches First Fully Electric Model

Source: BBC

Range Rover unveiled its first fully electric model Wednesday, after a year-long delay to its planned launch.

The Range Rover Electric will be built in Solihull and marks a major step in parent company JLR's electrification programme. JLR said it has up-skilled about 10,500 workers, including around 9,000 in Solihull and a further 1,500 across the West Midlands.

JLR faces falling profits, supply chain disruption and restructuring. A cyber attack a year ago cost an estimated £1.9 billion, while first-quarter profit dropped to £66 million after a fire at a key Norwegian supplier.

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10. Meta AI Glasses Hit With New Bystander Privacy Claims

Source: Futurism

A class action lawsuit against Meta was amended this week to add a new class of "bystander" plaintiffs, accusing the tech giant of violating the privacy of millions of people without their consent.

The lawsuit was first filed in March. According to whistleblowers, Meta stored content captured by its AI glasses and routed it to human reviewers to train AI models. The amended complaint argues that even people who never bought the glasses could be recorded when someone nearby used the devices, with their data then used for AI training — and some bystanders are minors.

Plaintiffs' lawyers said Meta sold consumers on the claim that its glasses were "designed for privacy." Meta said it disagrees with the allegations and will fight them.

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