Snowflake Shares Surge on Strong Q2 Earnings and Raised Forecast

Snowflake shares surged more than 20% in after-hours trading on Wednesday, September 2, 2026, after the cloud data platform company reported second-quarter earnings that beat analyst expectations and raised its full-year revenue forecast, driven by strong demand for its artificial intelligence offerings. The company reported adjusted earnings per share of $0.62 for the quarter ended July 31, significantly above the $0.45 consensus estimate. Total revenue reached $1.55 billion, a 35% increase from the same period last year, surpassing the $1.48 billion average estimate. Product revenue, the company's key metric, grew 37% year-over-year to $1.49 billion, marking a third consecutive quarter of accelerating growth. CEO Sridhar Ramaswamy attributed the performance to the growing adoption of Snowflake's AI tools, which are creating a "flywheel effect" across the business. "The results demonstrate how the AI transformation that's sweeping enterprises is compounding Snowflake's advantage," Ramaswamy said. "More and more customers are migrating their data and data work onto Snowflake so that they have an AI-ready data foundation.