Snowflake Stock Surges 20% as AI Demand Lifts Revenue Forecast

Snowflake shares rose more than 20% in extended trading on September 2 after the cloud-data company raised its fiscal 2027 product-revenue forecast, citing demand for its platform and artificial intelligence offerings. The after-hours move followed a quarterly report that showed product revenue growth accelerating ahead of the revised annual target, according to Reuters via Investing.com.

Snowflake raises fiscal 2027 product-revenue target to $6.07 billion

Snowflake raised its fiscal 2027 product-revenue guidance by $230 million to $6.07 billion, implying 36% year-over-year growth versus its previous forecast of $5.84 billion and 31% growth. The revised outlook, which increases the expected growth rate by five percentage points, was disclosed in the company’s fiscal second-quarter earnings release filed with the Securities and Exchange Commission.

Q2 product revenue grew 37% to $1.49 billion

For fiscal Q2 2027, Snowflake reported total revenue of $1.55 billion, up 35% from a year earlier. Product revenue was $1.49 billion, a 37% year-over-year increase.

… Continue reading the full article at the original source below.