Snowflake reported fiscal second-quarter revenue of $1.55 billion, up 35% year over year, while product revenue climbed 37% to $1.49 billion. The company beat consensus estimates for revenue and non-GAAP earnings per share, which rose 77% to $0.62 versus the $0.45 consensus estimate. Its net retention rate was 126%. Rapid enterprise adoption of generative AI products, including Cortex Code, prompted Snowflake to raise full-year product-revenue guidance to $6.07 billion from $5.84 billion and increase its operating-margin outlook to 14.5% from 13.5%. The stock gained more than 20% the following day and is up 55% year to date. CEO Sridhar Ramaswamy said AI is becoming a growth flywheel for Snowflake, with productivity gains and easier application creation supporting acceleration in what he called a back-to-basics era. Stifel analyst Brad Reback said Snowflake could sustain annual product-revenue growth above 30% in coming years, compared with the previous expectation of above 25%.