Snowflake Q2 Earnings Beat, Revenue Jumps 36%, Company 'Well Positioned' To Deliver Data For AI Boom

Snowflake Inc SNOW shares are falling after hours. The data cloud company reported second-quarter financial results after the bell. Here's a look at key metrics from the quarter. 

The Details: Snowflake said second-quarter revenue increased 36% year-over-year to $674.02 million, which beat the consensus estimate of $662.24 million, according to Benzinga Pro. The company reported quarterly earnings of 25 cents per share, which beat analyst estimates of 10 cents per share. Snowflake has now beat estimates on both the top and bottom line in six straight quarters.

Snowflake said it ended the quarter with 402 customers with 12-month product revenue above $1 million. Net revenue retention rate came in at 142%. Remaining performance obligations totaled $3.5 billion at the end of the quarter, representing 30% growth on a year-over-year basis. 

"During Q2, product revenue grew 37% year-over-year to $640 million. Our non-GAAP adjusted free cash flow was $88 million, representing 50% year-over-year growth," said Frank Slootman, chairman and CEO of Snowflake.

"Snowflake as the global epicenter of trusted enterprise data is well positioned to enable the growing interest in AI/ML. Enterprises and institutions alike are increasingly aware they cannot have an AI strategy without a data strategy."

Snowflake sees third-quarter product revenue of $670 million to $675 million versus $640.2 million in the second quarter. The company expects full-year product revenue to be between $2.6 billion. 

Management will hold a conference call to discuss these results at 5 p.m. ET.

Check This Out: Snowflake's Upcoming Earnings: Balancing Investor Optimism with Analyst Caution Ahead of 2Q

SNOW Price Action: Snowflake shares were down 2.38% after hours at $152.42 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Snowflake.