Snowflake reported total revenue of $1.39 billion for the first quarter of fiscal 2027. This figure represents a 33% increase year-over-year. Product revenue reached $1.33 billion, growing 34% and surpassing analyst expectations. The results marked the strongest sequential dollar growth in company history.
Increased demand for AI-powered solutions drove the quarterly performance. Snowflake raised its full-year product revenue forecast to $5.84 billion from the previous $5.66 billion estimate. The company also increased its non-GAAP operating margin outlook for the fiscal year.
Snowflake established a new multi-year strategic collaboration with Amazon Web Services. The company's stock price surged significantly following these announcements.