Snowflake (NYSE:SNOW) shares saw a rise of more than 2% in pre-market today following the release of the company’s second-quarter financial results.
The earnings per share (EPS) stood at $0.22, surpassing the Street estimate of $0.10. Notably, the company’s revenue exhibited a 36% year-over-year increase, reaching $674 million, which exceeded the projected consensus of $662.22 million. Specifically, product revenue amounted to $640.2 million, marking a substantial 37% year-over-year growth.
Looking ahead to the third quarter of 2024, Snowflake anticipates that product revenue will fall within the range of $670 million to $675 million, signifying a year-over-year increase of 28% to 29%.
In terms of the entire fiscal year, the company projects its product revenue to reach $2.6 billion, reflecting a robust year-over-year growth rate of 34%.