Snowflake’s (SNOW) shares fell nearly 13% in recent Thursday trading after the company reported non-GAAP fiscal Q2 net income of $0.18 per diluted share, down from $0.22 a year earlier.
Analysts polled by Capital IQ expected $0.16.
Revenue for the quarter ended July 31 was $868.8 million, compared with $674 million a year earlier.
Analysts expected $850.7 million.
The company’s board approved its stock buyback program by another $2.5 billion, in addition to the $491.9 million remaining under the existing program. The board also extended the expiration date for the program by an extra two years to March 2027.