Snowflake Shares Dip Despite Strong AI-Driven Revenue Growth

Cloud storage provider Snowflake misses earnings estimates and lowers operating margin guidance, overshadowing robust revenue performance.

Snowflake's first-quarter revenue rose 33% year-over-year to $828.7 million, beating forecasts.
Adjusted earnings per share were $0.14, falling short of analysts' expectations of $0.17.
The company's net revenue retention rate decreased to 128%, down from 151% the previous year.
Snowflake revised its full-year operating income outlook to 3%, down from 6%.
Increased collaboration with Nvidia and acquisition of TruEra's AI observability platform signal future AI advancements.