❯ Snowflake’s Q2 revenue rises 35% to $1.55 billion, sending shares up more than 20% after hours

a clear beatSnowflake reported fiscal second-quarter revenue of $1.55 billion for the period ended July 31, up 35% and ahead of the $1.48 billion expected, with product revenue of $1.49 billion up 37% — an acceleration. Net loss narrowed to $191.7 million and adjusted earnings came in at $0.62 a share against $0.45 expected. Shares rose more than 21% after hours.

guidance beats the quarterThe company raised full-year product revenue guidance from May’s $5.84 billion to $6.07 billion, and guided third-quarter product revenue to $1.59 billion against a $1.50 billion consensus. Management credited part of the growth to the AI coding agent CoCo, whose account count reached 9,100, up more than 2,000 in the quarter. The roughly $230 million raise is the company’s largest full-year guidance increase in several quarters.

the data layer benefitsRead alongside Broadcom and Microsoft on the same day, this points at three segments of one chain: silicon, cloud, data platform. Anyone judging whether AI spending is spilling downstream can treat Snowflake as the trailing indicator — if agents are genuinely running inside enterprises, data platform consumption grows before software seat counts do. Those 2,000 net new CoCo accounts are the first sample of that.

▪ SIGNALRaising the full-year guide is worth more than beating one quarter; it says the data layer is seeing booked usage, not pilots.