击碎市场质疑，Snowflake财报强劲上调全年指引，股价盘后涨13%

Core Viewpoint - Snowflake has raised its product revenue forecast for fiscal year 2026 due to strong demand for data analytics services driven by increased enterprise spending on artificial intelligence, alleviating market concerns about economic slowdown and competition from emerging AI companies [2][16]. Financial Performance - For Q2 of fiscal year 2026, Snowflake reported GAAP and non-GAAP revenue of $1.0905 billion, exceeding market expectations of $1.04 billion, representing a year-over-year growth of 32% [3]. - The product gross profit for Q2 was $788.2 million under GAAP, with a gross margin of 72%, and $833.6 million under non-GAAP, with a gross margin of 76% [4]. - The operating loss for Q2 was $340.3 million under GAAP, with an operating margin of -30%, while non-GAAP operating profit was $127.6 million, with a margin of 11% [5]. - Adjusted earnings per share for Q2 were $0.35, nearly double the same period last year and above analyst estimates of $0.27 [6]. Cash Flow and Guidance - Operating cash flow for Q2 was $74.9 million, accounting for 7% of revenue. Free cash flow was $58.2 million (5% of revenue) and adjusted free cash flow was $67.8 million (6% of revenue) [7]. - For Q3, Snowflake expects product revenue to be between $1.125 billion and $1.130 billion, above market expectations of $1.12 billion, with a year-over-year growth rate of 25% to 26% [7]. - The full-year revenue forecast for fiscal year 2026 is projected to reach $4.395 billion, exceeding analyst expectations of $4.34 billion, with a year-over-year growth of 27% [8]. Customer Metrics and Market Position - As of the end of July, Snowflake's net revenue retention rate was 125%, with 654 customers spending over $1 million in the past 12 months, a 30% year-over-year increase [11]. - The company has 751 clients from the Fortune Global 2000, reflecting a 5% year-over-year growth [11]. - The remaining performance obligations (RPO) stood at $6.9 billion, surpassing analyst expectations of $6.78 billion, and showing a year-over-year growth of 33% [13]. Market Sentiment and Competitive Landscape - Despite recent skepticism towards traditional software companies, Snowflake's strong Q2 performance has alleviated concerns regarding economic slowdown and competition from AI-focused firms [16]. - Analysts from Bank of America upgraded Snowflake's rating from "neutral" to "buy," setting a target price of $240, reflecting positive sentiment towards the company's growth prospects [16]. - Snowflake is seen as a preferred platform for organizations developing generative AI strategies, with over 6,100 accounts using its AI products weekly [18].