Snowflake returns to 2021 levels after 24% earnings-driven surge
Snowflake stock surged after a strong quarterly report and an upgraded full-year outlook. SNOW is up more than 24% in premarket trading near $379, returning to price levels last seen in November 2021.
Snowflake delivered Q2 FY2027 results well above expectations. Adjusted EPS came in at $0.62 versus a forecast of $0.45, beating consensus by roughly 38%. Revenue rose 35% year over year to $1.547 billion, compared with expectations of around $1.48 billion. Product revenue reached $1.492 billion, up 37% year over year, with its growth rate accelerating for a third consecutive quarter.
AI growth was another major highlight. According to CEO Sridhar Ramaswamy, AI products accounted for roughly half of the acceleration in growth, while CoCo is now used across more than 9,100 accounts and CoWork across roughly 5,800. Snowflake added another 692 customers during the quarter, while remaining performance obligations rose 30% to $9 billion.
$400 becomes the next target after massive earnings gap
As noted in the previous analysis, the quarterly report triggered a wide price gap.
In premarket trading, the stock has surged more than 24% and is holding near $379. The last time SNOW traded around these levels was in November 2021.
Following such a powerful move, the area around $378 becomes the nearest support, while the main resistance is located around $400–405.
During the first full trading session after such a large earnings gap, trading directly against the prevailing momentum carries elevated risk. As long as the price remains above $363, the base case is a continuation toward the psychological $400 level.
A daily close below $363 would invalidate this setup.
Strong guidance shifts the medium-term setup
The current rally is not being driven by a one-off earnings beat alone. Accelerating product revenue growth, a growing contribution from AI and higher full-year guidance are giving investors reasons to reassess Snowflake’s future growth trajectory, making the current gap fundamentally stronger than a typical short-term earnings reaction.
Snowflake raised its FY2027 product revenue guidance to $6.07 billion from $5.84 billion, implying 36% year-over-year growth. For the next quarter, the company expects product revenue of $1.588–1.593 billion, representing growth of 37–38%. Faster AI monetization and the upgraded outlook are the main factors behind the stock’s more than 24% premarket surge.
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