Snowflake (NYSE:SNOW) stock is on the move Thursday following the release of the company’s second-quarter earnings report for fiscal 2024.
Snowflake posted adjusted earnings per share of 22 cents during the second quarter of the year. That’s better than the 11 cents per share that Wall Street was expecting. It also represents a massive jump from the 1 cents per share reported in the same period of the year prior.
To go along with that, Snowflake brought in revenue of $674.02 million during the quarter. That’s another beat compared to analysts’ revenue estimate of $662.37 million. Additionally, it represents a 37% year-over-year growth from $497.25 million.
Frank Slootman, chairman and CEO of Snowflake, said the following in the earnings report:
“Snowflake as the global epicenter of trusted enterprise data is well positioned to enable the growing interest in AI/ML. Enterprises and institutions alike are increasingly aware they cannot have an AI strategy without a data strategy.”
SNOW Stock Outlook
Snowflake also provides guidance in its latest earnings report. The company expects product revenue for Q3 to range from $670 million to $675 million. Its fiscal 2024 product revenue estimate comes in at $2.6 billion.
While results for the second quarter of its fiscal year were strong, Snowflake is being overshadowed today by rivals in the AI space. That includes both Nvidia (NASDAQ:NVDA) and Splunk (NASDAQ:SPLK) rallying alongside earnings reports today.
SNOW stock is down 4.6% Thursday morning with some 5.8 million shares traded. Its daily average trading volume is about 6.3 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
