Description
Snowflake’s Hidden AI Engine — CoCo Surpasses 9,100 Accounts!
Snowflake Inc. reported strong results for the second quarter of fiscal 2027, reflecting an acceleration in product revenue growth to 37% year-over-year, marking the third consecutive quarter of growth acceleration. Product revenue reached $1.49 billion, supported by both core data platform demand and growing AI workloads, including its proprietary AI products CoCo and CoWork. These AI tools are gaining significant traction, with CoCo surpassing 9,100 accounts and CoWork expanding to 5,800 accounts, driving customer adoption and deeper engagement. Net new customer additions rose 32% year-over-year to 692, including 14 from the Global 2000, bringing the total customer count to over 14,500. The company’s net revenue retention rate of 126% suggests healthy expansion within the existing customer base. Notably, 828 customers now spend over $1 million in trailing 12-month product revenue, with 65 customers exceeding $10 million.
