How Artificial Intelligence Helped Power This Tech Company to Double-Digit Growth
Shares of Snowflake (NYSE: SNOW) have stumbled recently despite convincing beats on both the top and bottom lines in the data analytics and management company's latest quarterly results. That, however, might make the stock a bargain, particularly given that the company is diving head-first into artificial intelligence (AI). Its recent pivot into the red-hot tech segment is already having an effect on its fundamentals and could be a significant driver going forward.
Snowflake reported its second quarter of fiscal 2024 results toward the end of August. These revealed that even if the company isn't posting the sky-high growth numbers of recent periods, it's still managing to improve key line items well in the double-digit range.
For example, total revenue for the specialty tech company grew by 36% year over year to $674 million on the back of a 37% rise in its all-important product revenue. More encouragingly, Snowflake's count of clients with trailing-12-month product revenue topping $1 million saw a very dramatic 62% increase to 402.
Source Fool.com
