Overview

• The company reported Q2 revenue of $1.145 billion, up about 32% year over year, with product sales reaching $1.09 billion.
• Shares closed near $241 after a roughly 20% one-day gain on the results and raised full-year outlook.
• More than 6,100 accounts use Snowflake AI weekly, with AI driving about 50% of new customer wins and 25% of deployed use cases.
• Net revenue retention improved to 125% and customers generating over $1 million rose to 654, while performance commitments climbed to $6.9 billion, up 33% from a year ago.
• Bank of America lifted its price target to $280 and called the quarter a turning point toward a broader data platform, even as Snowflake logged a GAAP operating loss of roughly $340 million and free cash flow of about $58 million.