Snowflake (SNOW) has returned over 168% in the past six months, as of October 12. The article credits its moat to switching costs from complex enterprise data pipelines and cross-organization data sharing, but notes that support for open data formats lets customers move workloads more easily, and that Databricks, Amazon, Microsoft and Google are all competing for the same business. Product revenue rose 37% to $1.49 billion in Q2 FY2027, net revenue retention reached 126%, and CoCo and CoWork have more than 9,100 and 5,800 accounts, respectively. Snowflake raised its FY2027 product revenue growth outlook to 36%, with expected product revenue of $6.07 billion, but at 169.49x forward earnings and a GAAP operating loss of $263 million in Q2, the article questions how much growth will reach GAAP earnings.
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