Snowflake reports accelerating revenue growth and raises fiscal guidance

Snowflake reported strong second-quarter results on Tuesday, with total revenue reaching $1.55 billion, well above what analysts had expected. The cloud data company grew its revenue by 35% compared to the same period last year. Product revenue, its main income source, rose 37% to $1.49 billion. This was the third quarter in a row that growth has accelerated. Earnings per share came in at $0.62, beating the forecast of $0.45. Snowflake now has 14,554 customers in total, and more than 9,100 of them are using its Cortex AI product. The company also raised its full-year product revenue forecast by $230 million, bringing the target to $6.07 billion.