Snowflake's shares surged 16.6% post-earnings as accelerating product revenue growth and notable margin expansion underscored strengthening demand driven by AI adoption, outpacing market expectations.
- Product revenue reached $1.49 billion, accelerating 37% year over year, marking a 7-point improvement over two quarters.
- Non-GAAP operating margin expanded over 400 basis points year over year to 15%.
- Added 692 net new customers this quarter, a 32% year-over-year increase, including 14 from the Global 2000.
- Growing adoption of AI products Cortex Code and CoWork with 11% and rapid quarterly account growth respectively, highlighting structural momentum from AI integration.
- Major enterprise customers continue to deepen platform usage, with 65 now generating over $10 million in trailing 12-month product revenue.
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