Dropped iPhone 5 in the snow, could damage still occur?

I dropped my phone in the snow about 3 hours ago now and it is still working. It had on a case and a screen protector. At first the speakers sounded weird but that was the only thing wrong with it… But now they sound fine. Could any damage still happen or is it okay?

Nah, it's probably fine. Just don't keep dropping it xD

As long as the snow was cold and dry, and you dusted it off quickly, it will probably be okay. If you have one of those heavy-duty cases that protect against moisture, it probably wasn't affected at all. Extreme cold can prevent it from working properly for a while, but it should recover once it warms up.