.August 22, 2024 11:55 AM

Snowflake Inc. (NYSE:SNOW) exceeded Wall Street expectations in the second quarter, reporting earnings per share of $0.19 and revenue of $868.8 million, up from $0.25 and $674 million respectively a year ago. Despite the strong results, the company’s shares dropped by over 13% intra-day today. Product revenue reached $829.3 million, beating estimates, but the 2.6% revenue beat was below the company’s recent average. Snowflake highlighted strong momentum for its new AI products as a key driver of growth and projected product revenue for the current quarter to range between $850 million and $855 million. The company raised its full-year fiscal 2025 product revenue forecast to $3.36 billion, reflecting a 26% year-over-year growth.