Snowflake's second quarter results were better than expected as the company grew its customer base 25%. The company ended the quarter with 402 customers generating more than $1 million in revenue.
Snowflake reported a second quarter net loss of $226.87 million, or 69 cents a share, on revenue of $674 million. The company reported non-GAAP earnings of 22 cents a share. Wall Street was expecting Snowflake to report non-GAAP second quarter earnings of 10 cents a share on revenue of $662.28 million.
Product revenue for the quarter was $640.2 million in the second quarter, up 37% from a year ago.
CEO Frank Slootman said enterprise data is in the center of AI and machine learning efforts. "Enterprises and institutions alike are increasingly aware they cannot have an AI strategy without a data strategy," he said.
The quarter was a stabilization quarter after the first quarter spurred growth worries.
As for the outlook, Snowflake projected product revenue growth of 28% to 29% for the third quarter, or about $670 million to $675 million. For fiscal 2024, Snowflake is projecting product revenue of $2.6 billion, up 34% from a year ago.
Here's a look at the projections for Snowflake and how they fit into the long-term model.
