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FollowingTLDR
Contents
TLDR
Snowflake's product revenue increased by 37%
Artificial intelligence growth helped customer expansion
Snowflake raised its full-year product revenue guidance
Snowflake's share price soared 21%, Product revenue growth accelerates to 37%
Snowflake significantly raises its product revenue guidance for fiscal year 2027 to US$6.07 billion.
AI demand has helped Snowflake add 692 new customers, and platform usage has expanded rapidly.
Snowflake's second-quarter results exceeded expectations. Total revenue rose 35% to US$1.55 billion.
Improved profit margins and accelerated AI growth pushed Snowflake's share price higher after the earnings report.
Snowflake (SNOW)'s share price rebounded sharply after the company reported accelerated product revenue growth and strengthened fiscal 2027 performance guidance. After the earnings report, SNOW rose 21.63% after hours to $372.00, reversing a 4.37% decline during the regular trading session. This trend was driven by strong revenue, earnings, customer growth and improved operating prospects.
Snowflake product revenue grew 37%
Snowflake reported second-quarter revenue of US$1.55 billion, a 35% increase from the same period last year. Among them, product revenue reached US$1.49 billion, a year-on-year increase of 37%, marking another quarter of accelerating growth. Adjusted earnings per share were 62 cents, far exceeding market expectations of 45 cents.
The company also reported that its quarterly net loss narrowed compared to the same period last year. Snowflake's net loss was $191.7 million, compared to $297.9 million in the same period last year. At the same time, management continued to expand profit margins while maintaining strong revenue growth in each business segment.
The remaining performance obligations reached US$9 billion, a year-on-year increase of 30%, providing support for future contract needs. The net income Retention rate was 126%, indicating continued growth in existing customer spending. Snowflake also has 828 customers and has generated more than $1 million in product revenue over the past 12 months.
AI growth helps customers expand
Snowflake's artificial intelligence business continues to expand as more customers add new workloads to their platform. The company said usage from coding, data processing and automation tools all increased during the quarter. This growth not only drives the increase in platform usage, but also promotes the addition of new customers.
Snowflake added a net 692 customers during the quarter, a 32% increase from the same period last year. The company also added 14 new Forbes Global 2000 customers, bringing the total to 829. As companies spend more on data and artificial intelligence projects, growth for large customers remains strong.
Management launched more than 330 fully available product features in the first half of fiscal 2027. The total increased by 35% from the same period last year, further enriching Snowflake's product line. Faster release cycles have helped increase adoption rates for existing customers and created more workload.
Snowflake raises full-year product revenue guidance
Snowflake expects third-quarter product revenue to be between $1.588 billion and $1.593 billion. This range corresponds to an annual growth rate of between 37% and 38%, continuing the recent accelerating trend. The forecast also exceeded the $1.5 billion consensus forecast by analysts before the earnings release.
For fiscal year 2027, Snowflake raised its forecast product revenue from $5.84 billion to $6.07 billion. The new expectations imply an annual growth rate of 36%, compared with the previous forecast of 31%. Management also raised its adjusted operating profit margin forecast to 14.5% from 13.5%.
Snowflake expects an adjusted product gross margin of 74% and an adjusted free cash flow margin of 23%. These goals suggest that management aims to balance faster growth with greater operational discipline. The improved outlook pushed SNOW shares higher after the earnings report.
