Shares of Snowflake jumped 20% early Thursday, a day after the corporate launched second-quarter outcomes that beat on the highest line.

The cloud knowledge platform supplier reported $497 million in income for the quarter, greater than the $467 million anticipated by analysts, in line with Refinitiv. The most important chunk of Snowflake’s gross sales, product income, grew 83% 12 months over 12 months to $466.three million.

Analysts from Canaccord Genuity stated this was “one other glorious quarter” for Snowflake, and although they stated executives provided a little bit warning in regards to the unsure macroeconomic surroundings, it looks like enterprise as traditional on the firm.

“SNOW shares aren’t low cost,” they wrote in a Thursday word, “however this can be a category-leading firm that is rising far quicker than nearly anything in software program and doing so properly profitably with enhancing money margins.”

Loop Capital analysts had been additionally inspired by Snowflake’s “exceptionally good” outcomes.

They stated the corporate’s success was pushed by continued traction upmarket, sturdy execution, ongoing knowledge warehouse migration to the cloud, and the addition of extra merchandise and use instances.

“With this in thoughts, we consider SNOW remains to be early into its huge market alternative, notably with massive organizations which might be present process multi-year initiatives migrating workloads to the cloud,” they wrote in a Thursday word.

Snowflake stated it anticipates product income can be between $500 and $505 million in its third quarter, and between $1.91 billion and $1.92 billion for the total 12 months.