Snowflake shares jumped more than 21% after hours after the cloud data software
company raised its fiscal-year product revenue guide and said adoption of its
AI-assisted coding tool CoCo accelerated. Snowflake now expects product revenue
of about $6.07 bln for the fiscal year ending January, above its May forecast
and analysts' $5.86 bln consensus; product sales account for roughly 95% of
total revenue. The company added over 2,000 customer accounts using CoCo in the
quarter, bringing total CoCo-using accounts to 9,100. For the quarter to July,
product revenue rose 37% YoY to $1.49 bln, beating analysts' $1.42 bln estimate.
Remaining performance obligations were $9.0 bln, below the $9.37 bln analyst
consensus.
