Snowflake shares jump 24% on higher revenue forecast
BUZZ-Snowflake shares jump 24% on higher revenue forecast
** Shares of Snowflake SNOW.N jump ~24% to $378.75 in premarket trading after co beat Q2 estimates and raised its full-year product revenue forecast on strong cloud and AI demand
** Q2 rev rose 37% to $1.49 bln and adj EPS was 62 cents, beating Street estimates of $1.48 bln and 45 cents, per LSEG, driven by AI product adoption
** AI and data cloud co now expects fiscal 2027 product revenue of $6.07 bln, up from previous forecast of $5.84 bln
** Piper Sandler says enterprises are still in the early stages of adopting CoCo (AI-powered coding assistant) to power AI workloads, supporting expectations for further growth and accelerating demand
** Forty-six of 52 brokerages rate stock "buy" or higher, 5 "hold" and 1 "sell" or lower; median PT is $382 - LSEG-compiled data
** Up to last day's close, stock up 39.2% YTD
(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))
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