On Wednesday, August 24th Eastern Time, cloud computing and data analytics software company $Snowflake (SNOW.US)$Released its Q2 earnings report for the period ended July 31, 2022, during after-hours trading on the US stock market. Due to better-than-expected full-year guidance, Snowflake’s share price surged over 17% in after-hours trading.
On Wednesday, Snowflake closed up 4.19% at $159.49. Year-to-date, it has fallen more than 50%, underperforming the Nasdaq index's 21% decline over the same period.
Looking specifically at Snowflake’s key financial metrics for Q2:
Q2 revenue was $497.2 million, surpassing the analyst expectation of $467.9 million.
Q2 product revenue was $466.3 million, exceeding the analyst expectation of $438.1 million, with a year-over-year increase of 83%.
Q2 remaining performance obligations amounted to $2.7 billion, a year-over-year increase of 78%.
Q2 net revenue retention rate was 171%.
As of the end of the second quarter, there were 6,808 customers.
In addition, Snowflake also issued full-year guidance:
Product revenue for the full year is expected to be $1.91-1.92 billion, higher than the analyst consensus of $1.90 billion.
Adjusted operating margin for the full year is projected at 2.0%, compared to the company’s prior expectation of 1.0%.
Product revenue for Q3 is forecasted to be $500-505 million, versus the analyst estimate of $501.1 million.
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