EL7.AI
StocksMediumUpdated•Originally published 3 September 2026•Updated 4 September 2026•
1 min read

Snowflake Shares Soar 22% on Q2 Earnings Beat and AI Growth Outlook

Key Facts

1Snowflake shares surged 22% in extended trading following second-quarter results and guidance that beat analyst expectations.
2CEO Sridhar Ramaswamy stated that AI is acting as a flywheel for the company's growth during a post-earnings interview.

In a move reflecting the accelerating demand for cloud data solutions, Snowflake shares surged 22% in extended trading following second-quarter results that surpassed market expectations. According to reports, product revenues grew 37% to $1.49 billion, while total revenues rose 35.1% to $1.55 billion. This strong performance underscores investor confidence in the company's ability to scale within a competitive technological landscape.

CEO Sridhar Ramaswamy stated that artificial intelligence is acting as a powerful flywheel for growth, with over 9,100 accounts already adopting the company's 'Coco' AI coding agent. Following the earnings beat, Goldman Sachs raised its price target for SNOW to $436.00, while Bank of America increased its objective to $470.00, signaling robust institutional support for the company's software leadership.

Per market data, SNOW closed at $356.47 on September 2, 2026, after reaching a session high of $319.25. With no immediate major tech-related catalysts in the upcoming economic calendar, traders will be watching to see if the stock can maintain momentum toward these new analyst price targets, particularly as the market digests the rapid adoption of its AI-driven tools.