Remember Snowflake? That cloud data company that was supposed to be the next big thing, then spent most of August looking like it forgot how to stock market? Well, plot twist: it just remembered.
SNOW dropped some seriously impressive Q2 numbers yesterday, and suddenly everyone’s acting like they never doubted it. The company beat earnings expectations by a solid $0.08 per share ($0.35 vs. $0.27 expected), which in earnings-speak is basically a mic drop.
But here’s the real kicker: revenue jumped 32% year-over-year to $1.15 billion. For a company that’s already pretty massive in the cloud data game, that’s like watching your already-successful friend somehow get even more successful. Annoying, but also impressive.
The secret sauce? Product revenue grew 32% to $1.09 billion, which means people aren’t just kicking the tires on Snowflake’s platform—they’re actually paying for it. Revolutionary concept, I know.
And get this: they now have 654 customers dropping over $1 million annually on their platform. That’s up 30% from last year, which suggests Snowflake isn’t just good at getting customers—they’re good at getting customers to spend serious money. Plus, 751 Forbes Global 2000 companies are now using their stuff, so they’re basically collecting corporate giants like Pokémon cards.
For Q3, management is guiding for product revenue between $1.125-$1.130 billion (25-26% growth), and they’re expecting full-year FY26 product revenue to hit $4.4 billion. That’s 27% growth, which is the kind of number that makes Wall Street analysts do little happy dances at their desks.
Wall Street’s Having a Moment
Speaking of analysts, Monness Crespi & Hardt just bumped their price target from $245 to $260. They’re basically saying “we like what we see” in fancy finance language, highlighting Snowflake’s positioning in cloud and AI trends. Because apparently everything has to be about AI now—even your data warehouse needs to be artificially intelligent.
The current Wall Street consensus sits at $233, which is conveniently right around where the stock was trading this morning. Coincidence? Probably not.
The Charts Don’t Lie (Usually)
Technically speaking, SNOW had been stuck in trading purgatory between $190-$200 all month. Earlier in August, it dropped 15% after Goldman Sachs decided to be party poopers with a downgrade, plus news that George Soros’ fund had reduced their position. (When billionaires start selling, regular folks tend to panic.)
But yesterday’s surge above $225 basically hit the reset button. The stock reclaimed its 50-day moving average—which in chart-speak means “things are looking up again.” If it breaks above $230, we could be looking at new highs.
Bottom line: Snowflake just reminded everyone why they liked it in the first place. Strong earnings, confident guidance, and a technical setup that’s gone from “meh” to “maybe.” Sometimes the market really is that simple.