On September 3, Snowflake surged 24.25% in pre-market trading, trading at approximately $379.65 per share. The rally was triggered by the company's fiscal Q2 earnings report released after the prior session's close, which delivered a comprehensive beat on both results and forward guidance.
Snowflake reported fiscal Q2 revenue of $1.547 billion, up 35% year-over-year and well above the analyst consensus of $1.482 billion. Adjusted EPS came in at $0.62, crushing the $0.45 estimate by nearly 38% and representing a 77% increase from $0.35 a year ago. Product revenue reached $1.492 billion, growing 37% year-over-year. The company raised its full fiscal 2027 product revenue outlook to $6.07 billion from a prior $5.84 billion, significantly above the Street's $5.85 billion estimate. For fiscal Q3, Snowflake guided product revenue of $1.588-$1.593 billion versus the $1.50 billion consensus. Management highlighted a significant leap in AI-related revenue and accelerating adoption of its CoCo coding assistant. Multiple investment banks subsequently raised price targets, with Jefferies lifting to $430 and Barclays to $384.
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