Overview

• Revenue reached $1.14 billion and adjusted EPS came in at $0.35, beating consensus estimates on both metrics.
• Full-year product revenue guidance rose to $4.395 billion, with Q3 product revenue guided to $1.125–$1.13 billion, about 25.5% year over year.
• Product revenue grew 32% year over year, net revenue retention was 125%, 654 customers topped $1 million in trailing 12‑month product revenue, and remaining performance obligations hit $6.9 billion.
• Management reported more than 6,100 accounts using Snowflake AI weekly and said AI influenced nearly half of new customer wins, while hiring of sales and marketing staff accelerated sharply in the first half.
• Shares climbed roughly 14% premarket after the report, and at least two dozen analysts raised price targets with several upgrades highlighting Snowflake as a prime AI beneficiary.