Financials Market: Snowflake jumps 22% on strong results and AI coding momentum

Snowflake shares surged 22% in extended trading after the data analytics company delivered strong fiscal Q2 results that beat expectations. Adjusted earnings per share hit 62 cents versus 45 cents expected, while revenue climbed 35% year over year to $1.55 billion, above the $1.48 billion consensus. The net loss narrowed to $191.7 million from $297.9 million a year earlier. The company highlighted momentum for its CoCo AI coding agent, which now counts 9,100 accounts, up more than 2,000 in the quarter. For Q3, product revenue guidance of $1.59 billion exceeded estimates, and management raised its full-year product revenue forecast to $6.07 billion while expanding its adjusted operating margin outlook to 14.5%. Following the report, Morgan Stanley and Bank of America raised their price targets to $470, implying roughly 54% upside, and most of the 52 covering analysts maintain buy ratings. Shares had already gained 39% in 2026 through Wednesday's close.