Snowflake Reports Strong Earnings, Guidance Boosts Share Price
Snowflake reported better-than-expected earnings and revenue for its fiscal second quarter on July 31, with shares rising 22% in after-hours trading. The company's adjusted EPS came to 62 cents per share versus an expected 45 cents, while revenue reached $1.55 billion against a forecast of $1.48 billion. Snowflake also raised its full-year product revenue guidance from $5.84 billion to $6.07 billion and increased its adjusted operating margin outlook. The company highlighted growth in CoCo, an AI coding agent that now serves 9,100 accounts—up over 2,000 since the start of the quarter. Snowflake's net loss narrowed year-over-year from $297.9 million to $191.7 million. The stock had gained nearly 39% as of Wednesday’s close and could see its fourth-largest single-day jump if it continues upward on Thursday, following a strong performance compared to the S&P 500's roughly 12% gain over the same period.
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