Snowflake’s stock surged 23.9% in pre-market trading to $379.07 after the cloud data platform reported fiscal second-quarter results that exceeded analyst expectations across key metrics.
The company posted adjusted earnings per share of $0.62, surpassing the $0.45 consensus estimate. Total revenue reached $1.55 billion, up 35% year-over-year and above the $1.48 billion estimate. Product revenue, the primary revenue driver, climbed 37% to $1.49 billion, marking the third consecutive quarter of accelerating growth.
Operational performance also improved, with the non-GAAP operating margin expanding to 15.3% from 11% a year earlier. The company attributed the margin expansion to disciplined cost management and scale efficiencies.
Snowflake raised its full-year fiscal 2027 product revenue guidance to $6.07 billion, up from the prior forecast of $5.84 billion. For the current quarter, it guided product revenue to approximately $1.59 billion, exceeding the $1.50 billion analyst consensus.
AI offerings, including the CoCo and CoWork products, contributed significantly to revenue growth, accounting for roughly half of the incremental acceleration. CoCo customer accounts reached 9,100, while CoWork accounts expanded to 5,800, both reflecting strong adoption in the quarter.
Shares of Snowflake have now surpassed the prior 52-week high of $341.95, reflecting investor confidence in the company’s growth trajectory and AI-driven expansion. The broader market showed limited movement, with the S&P 500, Dow Jones, and Nasdaq each up about 0.2%, underscoring the company-specific nature of the rally.
