While some tech companies have had a rough second quarter, the same couldn’t be said for the cloud data company Snowflake. Announcing its Q2 earnings on Wednesday, Snowflake reported impressive revenue that cleared analysts’ estimates by a lot. This worked wonders for the company’s shares, which surged close to 18%.
Snowflake stock closed at $159.49 per share on Wednesday, making it 51.96% down year to date. However, the positive Q2 caused the shares to start rapidly climbing in after-hours trading. At the time of the writing, they are sitting at $187.30, representing a 17.44% jump.
According to its Q2 results, Snowflake, which has headquarters in Bozeman, Montana, recorded $497.2 million in revenue, topping the $467.5 million estimated by Wall Street analysts. It had $466.3 million in product revenue alone, making 83% year-over-year growth.
Other bits include 6,808 total customers, which topped the expected 6,739, as well as a net revenue retention rate of 171%. Also, the company aims to pull in north of $500 million in Q3 and end 2022 with around $1.91 billion in revenue. This is more optimistic than the company was after Q1 when it estimated revenue of $1.885 billion for the full year.