Snowflake reported second quarter fiscal 2027 revenue of $1.55 billion, representing 35% year-over-year growth and significantly exceeding analyst estimates. Product revenue growth accelerated for the third consecutive quarter, leading the company to raise its full-year performance outlook.

Key Highlights

  • Product revenue reached $1.49 billion, up 37% year-over-year, driven by core data platform strength and a step-up in AI consumption.
  • Remaining performance obligations (RPO) expanded 30% to $9.00 billion, indicating strong forward-looking demand.
  • Management raised full-year fiscal 2027 product revenue guidance to $6.07 billion (36% growth), up from the prior $5.84 billion (31% growth) forecast.
  • Customer momentum continued with 828 customers now contributing over $1 million in trailing 12-month product revenue, a 27% increase.