Snowflake Inc (NYSE:SNOW) posted financial results for the second quarter of fiscal 2027 on Wednesday after the close. Here’s a rundown of the report.

Snowflake Q2 Key Metrics

Snowflake reported second-quarter revenue of $1.55 billion, beating analyst estimates of $1.48 billion, according to Benzinga Pro. The AI data cloud company reported adjusted earnings of 62 cents per share for the quarter, beating estimates of 45 cents per share.

Total revenue was up 35% year-over-year with a net revenue retention rate of 126%. Product revenue came in at $1.49 billion, up 37% on a year-over-year basis.

Remaining performance obligations totaled $9 billion, up 30% year-over-year. Snowflake said it ended the quarter with 828 customers with trailing 12-month product revenue greater than $1 million, up 27% year-over-year.

The company had approximately $1.71 billion in cash and cash equivalents and $637.51 million in short-term investments at quarter’s end.

“AI continues to compound our advantages, creating a flywheel effect across the business. CoWork and CoCo are driving transformational outcomes for our customers, while fueling rapid adoption, user growth, new workloads, and overall platform consumption,” said Sridhar Ramaswamy, CEO of Snowflake.

Snowflake sees third-quarter product revenue in the range of $1.588 billion to $1.593 billion, up approximately 37.5% year-over-year. The company noted that it expects an adjusted operating margin of 15.5% in the third quarter and 14.5% for the full year, up from prior guidance of 13.5%.