Snowflake Shares Climb as CFO Keeps CoCo Forecast Conservative

Snowflake's stock closed 7.42% higher on October 9 and has more than tripled since its April low. The CFO said the company discounts its CoCo AI coding agent in guidance because forecasting new products is difficult. Analysts have increased revenue projections after the past two quarterly reports, with CoCo reaching about 9,100 accounts in the July quarter.

Snowflake finished October 9 at $368.89, a 7.42% gain, and its shares had risen more than threefold from an April 10 intraday low of $118.30. CFO Brian Robins told a Piper Sandler conference on September 15 that core consumption can be forecast nightly with low variance, but newer offerings are harder to model, so CoCo guidance includes a discount. CoCo reached roughly 9,100 accounts in the July quarter, up over 2,000, while Cowork exceeded 5,000.

Analysts lifted revenue projections after the last two reports: fiscal 2027 consensus rose about 7% from a March 31 snapshot, and fiscal 2028 about 10%. Robins said CoCo skills and agents shortened migrations from 10–11 months to about six, and Snowflake ended its BI and analytics contracts for CoCo dashboards. July free cash flow was $83.80 million, missing estimates, while GAAP loss narrowed.

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