The company’s performance signals that its pivot toward AI-integrated services is gaining traction. Product revenue reached $1.49 billion, accounting for 96% of the total intake, while the firm successfully added 692 net new customers. This growth represents a 32% increase in customer acquisition compared to the same period last year. Excluding one-time items, earnings hit 62 cents per share, comfortably surpassing the 45-cent estimate projected by FactSet.

Chief Executive Sridhar Ramaswamy credits this momentum to a flywheel effect where AI capabilities compound the company’s existing infrastructure advantages. Looking ahead, Snowflake raised its full-year product revenue target to $6.07 billion, a 31% year-over-year increase that significantly outpaces the $5.85 billion analysts previously expected. For the upcoming third quarter, the company anticipates product revenue to land between $1.588 billion and $1.593 billion, further distancing itself from prior market targets.