BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Snowflake Q2 2025: Strong Growth, Innovation, Stock Drops 8% After-Hours
Snowflake (SNOW) delivered impressive Q2 2025 results, marked by strong growth in product revenue and robust product innovation, especially in AI and data processing. However, despite the positive performance, Snowflake’s stock price fell by 8% in after-hours trading following the earnings report. Here are the key takeaways from the earnings call held on August 21, 2024:
Financial Highlights
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Product Revenue: Snowflake achieved $829 million in product revenue, representing a 30% year-over-year increase. The financial services and technology verticals were key drivers of this growth, showcasing Snowflake’s continued relevance and demand in major industries.
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Remaining Performance Obligations (RPO): Snowflake reported RPO of $5.2 billion, a 48% year-over-year growth. The company also secured two nine-figure deals in the quarter, underscoring the strong enterprise demand.
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Cash Flow and Share Repurchase: Snowflake ended Q2 with $3.9 billion in cash and repurchased $400 million worth of shares. The board approved an additional $2.5 billion repurchase program through 2027, reflecting confidence in future cash flow generation.
Product Innovation and Adoption
Snowflake's innovation engine is firing on all cylinders, with a significant focus on AI, data collaboration, and workload processing:
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Cortex AI and Iceberg: These two standout products are driving new workloads and expanding Snowflake’s relevance in AI and data engineering. Cortex AI, now used by over 2,500 accounts, is helping businesses optimize and enhance performance. Iceberg, which allows interoperability with open file formats, is already adopted by more than 400 accounts.
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New Product Announcements: Snowflake continues to accelerate product releases, bringing 15 new features to market in the first half of the year, including its Notebooks offering, which already has over 1,600 accounts using it in public preview.
AI and Machine Learning Focus
AI and machine learning (ML) are becoming critical areas of growth for Snowflake. The company is investing heavily in making AI accessible and efficient for enterprise use:
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Cortex AI: Cortex has been instrumental in enabling businesses to harness AI for a variety of tasks, such as sentiment analysis and customer engagement. Penske Logistics and Twilio Segment are among the notable companies utilizing Cortex AI for innovative applications.
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AI Products in GA: Snowflake expects products like Cortex Search and Cortex Analyst to be generally available in Q3, further enhancing its AI and ML capabilities for enterprise customers.
Outlook and Guidance
Snowflake raised its full-year product revenue guidance to $3.356 billion, representing a 26% year-over-year growth. For Q3, the company expects product revenue to fall between $850 million and $855 million, and it maintained its full-year non-GAAP operating margin guidance at 3%.
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