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Snowflake Inc. (NYSE: SNOW) delivered a strong first-quarter performance that surpassed Wall Street expectations, sending the company’s stock soaring nearly 30% in after-hours trading. The cloud-based AI Data Cloud company also announced a major multi-year partnership with Amazon Web Services (AWS), reinforcing investor optimism around the growing demand for artificial intelligence and enterprise data solutions.
Snowflake reported adjusted earnings per share of $0.39, beating analyst estimates of $0.32. Revenue for the quarter reached $1.39 billion, exceeding the projected $1.32 billion and marking a 33% year-over-year increase. Product revenue climbed 34% year-over-year to $1.33 billion, representing the company’s strongest sequential dollar growth on record.
CEO Sridhar Ramaswamy said the quarter marked a significant turning point for the company as AI adoption continues to accelerate globally. He highlighted that artificial intelligence remains a key growth driver for Snowflake’s platform and enterprise customer expansion.
A major catalyst behind the stock surge was Snowflake’s new strategic agreement with AWS. Under the deal, Snowflake committed to spending $6 billion on AWS cloud infrastructure over the next five years, making it the company’s largest infrastructure investment to date. The collaboration aims to help enterprises develop and deploy AI applications directly on secure and governed enterprise data without moving sensitive information between systems.
Snowflake also continued to expand its enterprise customer base. The company now has 779 customers generating more than $1 million in trailing 12-month product revenue, up 29% from the previous year. Net revenue retention rate stood at 126%, while remaining performance obligations increased 38% year-over-year to $9.21 billion.
Looking ahead, Snowflake forecast second-quarter product revenue between $1.415 billion and $1.420 billion, representing roughly 30% annual growth. The company also raised its full-year fiscal 2027 product revenue guidance to $5.84 billion, up from its previous estimate of $5.66 billion, reflecting continued momentum in AI and cloud data services.
