Premarket movers: Snowflake, Five Below surge after strong earnings

Snowflake shares jumped more than 23% in premarket trading after the company posted second-quarter results that topped expectations and raised its full-year outlook. Adjusted earnings came in at 62 cents a share, beating estimates of 45 cents, while revenue rose 35% year-over-year to $1.55 billion.

Why it matters: Five Below shares rose about 4% after the retailer's fiscal second-quarter results beat expectations across the board, and it authorized a new $600 million buyback program.