Snowflake Raises FY27 Product Revenue Forecast to $6.07B, Q2 Beats
SNOW has more than doubled off its 52-week low of $118.3.
Summary
Snowflake lifted its fiscal 2027 product revenue outlook to $6.07 billion from $5.84 billion, citing strong demand for its cloud data platform and AI offerings. Q2 product revenue jumped 37% to $1.49 billion, with total revenue of $1.55 billion beating the $1.48 billion consensus. The company continues to benefit from legacy-system migrations and AI adoption, including its Cortex Code and CoWork products. This follows a five-year, $6 billion AWS deal last quarter and comes amid heavy insider selling by co-founders and directors. The raised guidance and beat reinforce the growth narrative, though the stock is already trading near its 52-week high.
Updates
· CNBC TV18 — Adjusted EPS was $0.62 versus $0.45 expected. AI coding agent CoCo added over 2,000 accounts to reach 9,100. Shares surged 22% in after-hours trading.
· SEC 8-K — Q3 product revenue guidance set at $1.588B-$1.593B; full-year non-GAAP operating margin raised to 14.5% from 13.5%; non-GAAP product gross margin expected 74.0%.
At the time of this announcement, SNOW was trading at $356.01 on NYSE in the Technology sector, with a market capitalization of approximately $106B. The 52-week trading range was $118.30 to $341.95. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.