Snowflake lifts annual guidance after Q2 results top Wall Street estimates

Investing.com -- Snowflake (NYSE:SNOW ) lifted its annual guidanceWednesday after data analytics company's second-quarter results topped Wall Street estimates as ongoing AI demand fueled demand.

Snowflake fell 6% in afterhours trading following the report.

For the three months ended Jul. 31, Snowflake adjusted earnings of $0.19 per diluted share, down from $0.25 a year earlier, on revenue of $868.8M, up from $674.0M a year earlier. That topped analyst estimates of $0.16 on revenue of $851.6M.

"The quarter was hallmarked by innovation and product delivery, and great traction in the early stages of our new AI products," the company said.

Snowflake forecast current-quarter product revenue between $850 million and $855 million, compared with analysts' average estimates of $851M.

Looking further ahead, the company guided for fiscal 2025 product revenue of $3.36B, representing  growth of 26% from the prior year, that was above a prior forecast for $3.3M in product revenue.

Source: Investing.com