Snowflake Inc. surged 20.9% in after-hours trading after reporting fiscal second-quarter 2027 results that exceeded expectations, pushing shares to $369.89 and above the prior 52-week high of $341.95.
The cloud data platform reported adjusted earnings per share of $0.62, topping the $0.45 consensus estimate. Total revenue reached $1.55 billion, up 35% year-over-year and surpassing the $1.48 billion estimate. Product revenue, the company’s core metric, climbed 37% to $1.49 billion, marking the third straight quarter of accelerating growth.
Guidance for the full fiscal year was raised, with product revenue now forecast at $6.07 billion, up from the prior $5.84 billion outlook. Adjusted operating margin guidance was widened to 14.5%, compared with the previous 13.5% target. For the current quarter, product revenue is projected at approximately $1.59 billion, exceeding analyst expectations of around $1.50 billion.
Snowflake highlighted strong adoption of its CoCo AI coding agent, which expanded to 9,100 accounts during the quarter. The company did not cite broader market tailwinds, as both the S&P 500 and Nasdaq slipped slightly on the day of the report.
Analysts had already revised price targets upward ahead of the earnings release, with increases from firms including Wells Fargo, Cantor Fitzgerald, UBS, Rosenblatt, and BTIG.
