Why Snowflake Stock Soared Today
Shares of Snowflake (NYSE: SNOW) surged 22.8% on Thursday after the cloud data leader delivered blockbuster growth metrics.
Snowflake's revenue rocketed 83% year over year to $497.2 million in its fiscal 2023 second quarter, which ended on July 31. That was well above Wall Street's estimates, which had called for revenue of $467 million.
Companies are flocking to Snowflake's data platform. Its total customer count jumped 36% to 6,808. Many of these customers are also ramping up their spending on Snowflake's software, as can be seen in its extraordinary net revenue retention rate of 171%. This dynamic contributed to a 112% increase in large customers -- those spending over $1 million on Snowflake's products -- to 246.
Source Fool.com
