Snowflake beats by $0.02, beats on revs, slightly raises FY25 product revenue guidance, reaffirms non-GAAP operating margin guidance; Authorized the repurchase of additional $2.5 bln of common stock (135.03 +3.11)
- Reports Q2 (Jul) earnings of $0.18 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.16; revenues rose 28.9% year/year to $868.8 mln vs the $851.72 mln FactSet Consensus.
- Product revenue for the quarter was $829.3 million, representing 30% year-over-year growth.
- Net revenue retention rate was 127% as of July 31, 2024. The company now has 510 customers with trailing 12-month product revenue greater than $1 million and 736 Forbes Global 2000 customers, representing 28% and 5% year-over-year growth, respectively.
- Remaining performance obligations were $5.2 billion, representing 48% year-over-year growth.
- Guidance: Co sees Q3 product revenue of $850-$855 mln and non-GAAP operating margin of 3%. Slightly raises FY25 product revenue guidance to $3.356 bln from $3.30 bln, reaffirms non-GAAP operating margin guidance of 3%.
- Stock Repurchase Program: In August 2024, our board of directors authorized the repurchase of an additional $2.5 billion of our outstanding common stock under the stock repurchase program and extended the expiration date of the stock repurchase program from March 2025 to March 2027