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Snowflake Inc. anticipates a 24% increase in product revenue for the fiscal year ending January 2026, reaching $4.28 billion, surpassing analysts' expectations. In the fourth quarter, product revenue rose 28% to $943.3 million, with the number of customers spending over $1 million annually increasing to 580. The company is enhancing its AI capabilities, integrating models from OpenAI and Anthropic, while remaining performance obligations reached $6.9 billion, exceeding estimates. Shares surged 9% in after-hours trading.
Snowflake shares surged 19% in after-hours trading following a strong fiscal third-quarter report, with earnings per share of 20 cents and revenue of $942 million, both surpassing expectations. The company reported a net loss of $324.3 million but projected a 29% growth in product revenue for fiscal 2025, alongside a focus on cost-saving measures. Snowflake also announced a partnership with AI startup Anthropic and the acquisition of Datavolo.
Sridhar Ramaswamy
People
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Snowflake forecasts 24 percent revenue growth amid AI expansion efforts
05:30 27.02.2025
wflake shares surge 19 percent on strong earnings and revenue growth
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