Bullish
Snowflake's Q2 earnings beat expectations, shares surge over 20%
Snowflake Inc. reported strong fiscal second-quarter results, with revenue and earnings surpassing analyst expectations. The company also raised its full-year product revenue forecast, citing robust demand for its AI-driven offerings.
Key points
- Snowflake's Q2 revenue reached $1.55 billion, a 35% year-over-year increase, driven by a 37% rise in product revenue to $1.49 billion.
- The company raised its fiscal 2027 product revenue guidance to $6.07 billion, up from $5.84 billion, highlighting strong AI product adoption.
- CEO Sridhar Ramaswamy noted that AI offerings like CoCo and CoWork are fueling rapid adoption and user growth.
- Analysts have raised price targets for Snowflake, with BTIG setting a new target of $424, maintaining a 'buy' rating.
Sources
AI-generated from public news sources. Not financial advice.
