Snowflake's first quarter revenue of $1.39B beat estimates, leading to a raised fiscal 2027 product revenue outlook.

Snowflake reported first quarter fiscal 2027 revenue of $1.39 billion, up 33% year-over-year, with product revenue growing 34% to $1.33 billion. The company posted a GAAP net loss per share of $0.86. Citing momentum in both its core platform and new AI products, management raised its full-year product revenue guidance.

Key Highlights

• Product revenue grew 34% year-over-year to $1.33 billion, marking the strongest sequential dollar growth in the company's history.
• Remaining performance obligations (RPO) increased 38% year-over-year to $9.21 billion, indicating strong future revenue visibility.
• Full-year fiscal 2027 product revenue guidance was raised to $5.84 billion (31% YoY growth) from a previous forecast of $5.66 billion (27% YoY growth).
• The number of customers with over $1 million in trailing-12-month product revenue grew 29% year-over-year to 779.