Snowflake Boosts Annual Revenue Forecast on Strong AI Demand, Beats Q1 Estimates
SNOW sits 74% above its 52-week low of $118.3.
Summary
Snowflake significantly raised its fiscal 2027 product revenue forecast to $5.84 billion, up from $5.66 billion, driven by strong enterprise demand for AI workloads and cloud migrations. The company also reported first-quarter revenue of $1.39 billion, exceeding analyst estimates of $1.32 billion, and provided second-quarter product revenue guidance of $1.415-$1.420 billion, which is above the $1.37 billion consensus. This strong performance and upward revision to guidance, particularly fueled by AI adoption, signals robust underlying business momentum and a positive outlook for the company.
At the time of this announcement, SNOW was trading at $205.66 on NYSE in the Technology sector, with a market capitalization of approximately $60.7B. The 52-week trading range was $118.30 to $280.67. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.