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Investorideas.com (www.investorideas.com newswire) a go-to platform for big investing ideas, including AI and tech
stocks, issues market commentary on trending stock Snowflake (NYSE:
SNOW), the AI Data Cloud company.
The AI boom continues as another stock in the sector reports record
growth.
Snowflake is making big gains following announcing financial results
for its first quarter of fiscal 2027, ended April 30, 2026. The
stock is currently trading at 238.68 +63.42 (+36.18%) on volume of
over 22 Million shares. The stock has a morning high of $240.45.
News Summary:
-
Revenue of $1.39 billion in the first quarter, representing 33%
year-over-year growth - Net revenue retention rate of 126%
-
779 customers with trailing 12-month product revenue greater than
$1 million, representing 29% year-over-year growth - 813 Forbes Global 2000 customers
-
Remaining performance obligations of $9.21 billion, representing
38% year-over-year growth
“Snowflake delivered a milestone quarter, with product revenue of
$1.33 billion, up 34% year-over-year, marking the strongest
sequential dollar growth in our history,” said Sridhar Ramaswamy,
CEO of Snowflake. “AI continues to be a powerful tailwind for
Snowflake, and Q1 marks a clear inflection point in that journey.
With Cortex Code and Snowflake Intelligence, we are extending from
the trusted foundation for enterprise data and context to become the
control plane for the Agentic Enterprise. We are seeing strong
momentum from both AI-driven acceleration of our core platform and
growing adoption of our first-party AI products, positioning
Snowflake to lead in this new era.”
“AI continues to accelerate our core data platform business as
customers move to Snowflake with increasing urgency,” said Brian
Robins, CFO of Snowflake. “We now have 779 customers spending more
than $1 million on a trailing 12-month basis, 46 of which crossed
the threshold in Q1, compared to 26 a year ago. Given the strong
momentum across both our core platform business and AI business, we
are raising our full-year product revenue guidance.”
Snowflake Business Highlights:
-
AI Momentum: New customers like Holiday Inn Club Vacations and Houzz
chose Snowflake as the cornerstone of their data and AI
transformation, and more than 13,600 accounts 1 are now using
Snowflake AI capabilities. Accounts using Snowflake Intelligence 1
more than doubled quarter-over-quarter, while Cortex Code is already
in use across over 7,100 accounts 1. These innovations contributed
to the strongest sequential product revenue dollar growth in company
history. -
Customer Growth and Expansion: Added 616 net new customers in the
quarter, up 38% year-over-year, including 13 new Forbes Global 2000
customers. -
Accelerated Product Velocity: Delivered over 20% more product
capabilities than a year ago, including new features across Cortex
Code and Snowflake Intelligence, underscoring the pace of innovation
and continued expansion of the platform. -
Expanded Partnerships: Expanded collaboration with AWS through a new
$6 billion multi-year agreement designed to accelerate enterprise AI
adoption globally. The company also deepened its partnership with
OpenAI to deliver advanced AI capabilities through co-innovation and
joint go-to-market efforts, and brought capabilities from its
landmark SAP partnership to general availability. -
AI Acquisition: Signed a definitive agreement in May 2026 to acquire
Natoma, an enterprise Model Context Protocol platform for AI agents,
to make it easier for users to securely connect AI to the tools they
use every day, directly within and beyond Snowflake. By extending
governance to AI-driven workflows, Snowflake makes it easier for
companies to safely manage not just their data, but also the actions
AI agents take across business workflows.
Snowflake (NYSE: SNOW) is the platform for the AI era, making it easy for enterprises to
innovate faster and get more value from data. More than 13,900
customers around the globe, including hundreds of the world’s
largest companies, use Snowflake’s AI Data Cloud to build, use and
share data, applications and AI. With Snowflake, data and AI are
transformative for everyone.
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