Snowflake Inc. (SNOW) shares are catching a nice tailwind on Tuesday, moving in sync with MongoDB Inc. (MDB) after both data platform companies saw their stocks pop in after-hours trading Monday. It's one of those "rising tide lifts all boats" moments in the cloud data world.

The MongoDB Effect

Here's what's happening: MongoDB and Snowflake are both in the business of helping enterprise customers manage and analyze data in the cloud. When one delivers a blowout quarter, investors naturally start wondering if the other might follow suit. And MongoDB definitely delivered.

The company reported third-quarter revenue of $628.31 million, representing a solid 19% jump from last year and comfortably beating the $591.52 million analysts expected. Even more impressive, adjusted earnings per share hit $1.32—absolutely crushing the consensus estimate of 80 cents.

MongoDB didn't stop there. The company raised its full fiscal 2026 guidance significantly, now projecting revenue between $2.43 billion and $2.44 billion, up from the previous range of $2.34 billion to $2.36 billion. Adjusted earnings are now expected to land between $4.76 and $4.80 per share, a meaningful increase from the earlier $3.64 to $3.73 range.

Snowflake's Recent Performance

Investors are apparently betting that Snowflake's Wednesday afternoon earnings report (scheduled for after market close on December 3) will show similar momentum. The company's most recent quarter certainly suggested things were heading in the right direction.

Snowflake posted product revenue of $1.09 billion last quarter, marking a 32% year-over-year increase. The company added 654 new customers generating more than $1 million in annual product revenue and now counts 751 customers from the Forbes Global 2000 list. Net revenue retention stood at 125%, while remaining performance obligations totaled $6.9 billion, up 33% from the prior year.

"Snowflake delivered yet another strong quarter, with product revenue of $1.09 billion, up a strong 32% year-over-year, and remaining performance obligations totaling $6.9 billion," said Sridhar Ramaswamy, CEO of Snowflake. "Thousands of customers are betting their business on Snowflake and more than 6,100 accounts are using Snowflake's AI every week."

For the upcoming third quarter, Snowflake had guided for product revenue between $1.125 billion and $1.130 billion, representing 25% to 26% year-over-year growth.

Snowflake shares were up 3.17% at $260.03 at the time of publication on Tuesday.