Shares of Snowflake jumped 22% in after-hours trading on Wednesday, following the release of quarterly results and forward guidance that exceeded Wall Street's projections. The data analytics firm reported earnings per share of 62 cents on an adjusted basis, surpassing the 45 cents anticipated by analysts. Revenue also came in strong at $1.55 billion, outpacing the expected $1.48 billion.

According to the company's statement, Snowflake experienced a 35% year-over-year increase in revenue for its fiscal second quarter ending July 31. While the company still posted a net loss of $191.7 million, or 55 cents per share, this represents a significant improvement compared to the $297.9 million loss (89 cents per share) recorded during the same period last year.

Management attributed part of the growth to its AI-driven coding assistant, CoCo, which has now attracted 9,100 customer accounts, adding more than 2,000 in the latest quarter alone. Looking ahead, Snowflake forecasts third-quarter product revenue of $1.59 billion, comfortably ahead of the $1.50 billion consensus estimate from analysts surveyed by StreetAccount.

For the full fiscal year, the company has raised its product revenue outlook to $6.07 billion, up from the $5.84 billion projection made in May. Additionally, Snowflake now expects an adjusted operating margin of 14.5% for the year, a positive revision from the 13.5% previously forecast.

Year-to-date, Snowflake shares have climbed 39% through Wednesday's close, significantly outperforming the S&P 500's 12% gain over the same period. Should Thursday's trading session mirror the after-hours surge, it would mark the company's fourth-largest single-day gain since its market debut in 2020. Company executives are scheduled to hold a conference call with analysts at 5 p.m. Eastern Time to discuss the results.