WASHINGTON (dpa-AFX) - Snowflake (SNOW), an AI Data Cloud company, on Wednesday reported results for the second quarter, with net loss narrowing from last year as revenues grew 35%.
The company posted a net loss of $191.7 million, or $0.55 per share, compared with a net loss of $298.0 million, or $0.89 per share, a year earlier.
Snowflake reported second-quarter revenue of $1.55 billion, up 35% year over year, while product revenue increased 37% to $1.49 billion.
Snowflake's net revenue retention rate was 126%, while customers generating more than $1 million in trailing 12-month product revenue rose 27% to 828.
For fiscal year 2027, Snowflake raised its product revenue guidance to $6.07 billion, representing 36% growth, from its previous forecast of $5.84 billion and 31% growth.
For the third quarter, the company expects product revenue of $1.588 billion to $1.593 billion, up 37% to 38% year over year.
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