Snowflake Q2 Earnings, Revenue Rise; Lifts Fiscal 2027 Guidance

MT newswire2026/09/02 20:33

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04:33 PM EDT, 09/02/2026 (MT Newswires) -- Snowflake (SNOW) late Wednesday reported a fiscal Q2 adjusted net income of $0.62 per diluted share, up from $0.35 a year earlier. Analysts polled by FactSet expected $0.45. Revenue for the quarter ended July 31 rose to $1.547 billion from $1.145 billion a year earlier. Analysts expected $1.48 billion. The company expects fiscal Q3 product revenue of $1.588 billion to $1.593 billion. Analysts expect $1.50 billion. The company now expects fiscal 2027 product revenue of $6.07 billion, up from its prior forecast of $5.84 billion. Analysts expect $5.85 billion. Shares were up more than 20% in after-hours activity.

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On September 2, the Bank of Canada held its overnight rate at 2.25% for the seventh consecutive time. However, as the US-Canada tariff war has escalated and inflation risks have intensified, the market has shifted to betting on a rate hike. Governor Macklem warned that trade frictions will threaten the sustainability of the recovery. 63% of analysts expect the Bank of Canada to raise rates in the first half of 2027, while market pricing has shifted from expectations of easing to preparing for tightening in a stagflation scenario.

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