Snowflake reported impressive fiscal second-quarter results, with adjusted earnings per share of 62 cents, surpassing the expected 45 cents, and revenue of $1.55 billion, exceeding the $1.48 billion forecast. The company's revenue grew 35% year over year, although it still posted a net loss of $191.7 million, an improvement from the previous year's loss of $297.9 million.
A key driver of this growth is the CoCo artificial intelligence coding agent, which has expanded to 9,100 accounts, gaining over 2,000 in the last quarter. Looking ahead, Snowflake anticipates product revenue of $1.59 billion for the fiscal third quarter, above the $1.50 billion consensus, and has raised its full-year product revenue forecast to $6.07 billion from $5.84 billion.
The adjusted operating margin forecast has also been increased to 14.5%, up from 13.5%. Following these announcements, Snowflake's stock has risen 39% since the beginning of the year, significantly outperforming the S&P 500's 12% gain in the same timeframe. If the stock maintains its after-hours momentum, it could mark one of the largest single-day increases since its IPO in 2020.
Executives are set to discuss these results further in a conference call with analysts