11:06 AM EDT, 08/22/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

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.

Price: 117.70, Change: -17.36, Percent Change: -12.85