Snowflake Shares Jump 22% After $1.55 Billion Q2, Lifts Full-Year Revenue Outlook
Updated
Updated · CNBC · Sep 2
Snowflake Shares Jump 22% After $1.55 Billion Q2, Lifts Full-Year Revenue Outlook
2 articles · Updated · CNBC · Sep 2
Summary
Snowflake surged 22% in extended trading after posting fiscal second-quarter results above expectations, with adjusted EPS of 62 cents versus 45 cents expected and revenue of $1.55 billion versus $1.48 billion.
Revenue rose 35% from a year earlier, while net loss narrowed to $191.7 million from $297.9 million, and the company credited momentum from its CoCo AI coding agent, which reached 9,100 accounts after adding more than 2,000.
For the current quarter, Snowflake forecast $1.59 billion in product revenue, topping the $1.50 billion analyst consensus, and raised its full-year product revenue outlook to $6.07 billion from $5.84 billion.
Management also widened its adjusted operating margin target to 14.5% from 13.5%; if after-hours gains hold, Thursday would mark Snowflake's fourth-biggest jump since its 2020 IPO.