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Snowflake Inc (NYSE:SNOW) shares soared more than 16% after-hours following the company’s reported Q2 results, with revenue of $497.25 million (up 83% year-over-year) coming in better than the consensus estimate of $467.4 million. EPS was ($0.70), compared to the consensus estimate of ($0.01).
“Our non-GAAP product gross margin exceeded 75%, and we continue to generate non-GAAP operating income and free cash flow,” said Frank Slootman, Chairman and CEO of Snowflake.
Product revenue grew 83% year-over-year to $466.3 million in Q2. The remaining performance obligations increased 78% year-over-year to $2.7 billion. The company now has 6,808 total customers, out of which 246 customers with a trailing 12-month product revenue of more than $1 million.
The company expects Q3/23 product revenue in the range of $500-$505 million, representing a 60-62% year-over-year growth.
For the full 2023-year, the company expects product revenue in the range of $1.905-$1.915 billion, representing a 67-68% growth.
