Snowflake Inc (NYSE:SNOW) reported financial results for the second quarter on Wednesday after the close. Here’s a look at the key details from the quarter.
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Q2 Highlights: Snowflake reported second-quarter revenue of $1.14 billion, beating analyst estimates of $1.09 billion, according to Benzinga Pro. The AI data cloud company reported second-quarter adjusted earnings of 35 cents per share, beating analyst estimates of 27 cents per share.
Total revenue was up 32% year-over-year. Product revenue came in at $1.09 billion, also up 32% year-over-year. Net revenue retention rate was 125% in the quarter.
Remaining performance obligations totaled $6.9 billion, up 33% year-over-year. Snowflake said it ended the quarter with 654 customers with trailing 12-month product revenue greater than $1 million. The company also had approximately $1.88 billion in cash and cash equivalents at quarter's end.
“Thousands of customers are betting their business on Snowflake and more than 6,100 accounts are using Snowflake’s AI every week,” said Sridhar Ramaswamy, CEO of Snowflake.
“Customers love that our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We have an enormous opportunity ahead as we continue to empower every enterprise to achieve its full potential through data and AI.”
What’s Next: Snowflake expects third-quarter product revenue in the range of $1.125 billion to $1.13 billion, up approximately 25.5% year-over-year. The company now anticipates full-year product revenue of $4.395 billion — representing 27% year-over-year growth — up from prior guidance of $4.33 billion.
Snowflake’s management team will further discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET. A link to the call has been provided below.
SNOW Price Action: Snowflake shares were up approximately 11.13% in after-hours, trading at $222.28 at the time of publication on Wednesday, according to Benzinga Pro.
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