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4h ago

Snowflake Exceeds Revenue Expectations and Raises Annual Forecast

Strong Q1 results, AI partnerships, and increased enterprise cloud spending drive Snowflake's fiscal 2026 product revenue target to $4.325 billion.

The company logo for Snowflake Inc. is displayed on a banner to celebrate the company's IPO at the New York Stock Exchange (NYSE) in New York, U.S., September 16, 2020. REUTERS/Brendan McDermid/File photo
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Overview

  • Snowflake reported a 26% year-over-year increase in Q1 product revenue, reaching $996.8 million, surpassing analyst estimates.
  • The company raised its fiscal 2026 product revenue forecast to $4.325 billion, up from its prior target of $4.28 billion.
  • Current-quarter product revenue guidance was set between $1.035 billion and $1.040 billion, exceeding the market estimate of $1.021 billion.
  • Snowflake's shares rose over 6% in extended trading following the earnings release and upward guidance revision.
  • Partnerships with OpenAI and Anthropic are enabling advanced AI integration into Snowflake's cloud platform, catering to growing enterprise demand for AI-driven data solutions.