On September 3, Snowflake surged 24.53% in regular trading, trading at $379.399/share, with turnover of $496 million. The rally was triggered by the company's fiscal Q2 earnings release, which delivered results and guidance that comprehensively exceeded market expectations.
For the quarter ended July 31, Snowflake reported revenue of $1.547 billion, up 35% year-over-year, beating the analyst consensus of $1.48 billion. Adjusted EPS came in at $0.62, surpassing the $0.45 estimate by 37.8% and representing a 77% increase from $0.35 a year ago. Product revenue reached $1.492 billion, growing 37% year-over-year. Remaining performance obligations rose 30% to $9 billion.
More critically, Snowflake raised its full fiscal 2027 product revenue outlook to $6.07 billion from $5.84 billion, implying 36% growth versus the prior 31% guide. Non-GAAP operating margin guidance was lifted to 14.5% from 13.5%. For Q3, the company expects product revenue of $1.588–$1.593 billion, well above the $1.50 billion consensus. AI coding assistant Cortex Code added over 2,000 accounts sequentially, with management calling it the easiest product to sell in company history. Multiple analysts raised price targets, with UBS setting $500, Oppenheimer $475, and Needham $450.
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