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Snowflake stock gains 3% following Q2 beat

AuthorDavit Kirakosyan
Published 23/08/2023, 22:24
© Reuters
SNOW
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Snowflake Inc (NYSE:SNOW) shares gained more than 3% after-hours following the company’s reported Q2 results, with EPS of $0.22 coming in better than the consensus estimate of $0.10. Revenue grew 36% year-over-year to $674 million, beating the consensus estimate of $662.22M.

Product revenue came in at $640.2M, representing a 37% year-over-year growth. The company now has 402 customers with trailing 12-month product revenue greater than $1M and 639 Forbes Global 2000 customers, representing 62% and 17% year-over-year growth, respectively.

For Q3/24, the company expects product revenue in the range of $670-$675M, representing a 28-29% year-over-year increase.

For the full year, the company sees product revenue at $2.6 billion, which represents a 34% year-over-year growth.

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