On September 3, Snowflake surged 23.11% overnight, trading at $377.24/share, after the company reported fiscal Q2 results that comprehensively exceeded market expectations and significantly raised its full-year guidance.
For the fiscal quarter ended July 31, Snowflake posted revenue of $1.547 billion, up 35% year over year, beating the analyst consensus estimate of $1.482 billion. Adjusted earnings per share came in at $0.62, far surpassing the $0.45 estimate and representing a 77% increase from $0.35 in the year-ago period. Core product revenue reached $1.492 billion, growing 37% year over year, also above expectations of $1.42 billion.
Critically, Snowflake raised its fiscal 2027 full-year product revenue outlook to $6.07 billion from a prior forecast of $5.84 billion, well above the analyst consensus of $5.85 billion. For fiscal Q3, the company guided product revenue of $1.588 billion to $1.593 billion, topping the $1.50 billion consensus. Analysts highlighted strong momentum from AI-driven products including the CoCo coding agent and Snowflake Intelligence as key growth catalysts. Prior to the earnings release, the stock had been under pressure from sector-wide weakness and insider selling, with the actual post-earnings gain significantly exceeding the roughly 10% implied move priced by the options market.
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