Overview

• Revenue came in at $1.14 billion with adjusted earnings of $0.35 per share, beating estimates of $1.09 billion and $0.27 respectively.
• Product revenue reached $1.09 billion, up 32% year over year, with a 125% net revenue retention rate and $6.9 billion in remaining performance obligations.
• Full‑year product revenue guidance rose to $4.395 billion for 27% growth, and third‑quarter product revenue is guided to $1.125 billion to $1.13 billion, about 25.5% growth.
• Management cited strong AI traction with more than 6,100 accounts using Snowflake AI weekly, 533 net new customers, and a record 50 crossing $1 million in trailing 12‑month product revenue, noting AI influenced nearly half of new wins.
• The company hired more sales and marketing staff in the first six months than in the prior two years combined, Azure was its fastest‑growing cloud at 40% year‑over‑year, and shares rose roughly 11% after hours with pre‑report gains linked to MongoDB’s beat.