Why Snowflake Stock Surged Today
Shares of Snowflake (NYSE: SNOW) surged 7.7% on Thursday, following the release of the cloud data specialist's fiscal 2022 second-quarter financial report.
Snowflake's revenue soared 104% year over year to $272.2 million. This impressive growth was fueled by a 60% increase in total customers, to 4,990. Higher sales to existing clients, as can be seen by Snowflake's sterling net revenue retention rate of 169%, also contributed to the gains.
"Snowflake saw continued momentum in Q2 with triple-digit growth in product revenue, reflecting strength in customer consumption," CEO Frank Slootman said in a press release.
Source Fool.com
