Snowflake lifts annual product revenue forecast, shares soar
The company logo for Snowflake Inc. is displayed on a banner to celebrate the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S., September 16, 2020. REUTERS/Brendan McDermid
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Sept 2 : Snowflake raised its full-year product revenue forecast on Wednesday, betting on strong demand for its cloud data platform and AI offerings, sending its shares up more than 20 per cent in extended trading.
The company now expects fiscal 2027 product revenue of $6.07 billion, compared with its previous forecast of $5.84 billion.
Snowflake has benefited from demand for its core cloud data-warehousing products, aided by legacy-system migrations and AI adoption.
Businesses use Snowflake’s cloud platform to store and analyze information, and to build applications and AI products.
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Its AI offerings include coding assistant Cortex Code and enterprise chatbot CoWork.
Snowflake’s second-quarter product revenue rose 37 per cent to $1.49 billion. It posted overall revenue of $1.55 billion for the quarter, compared with analysts’ average estimate of $1.48 billion, according to data compiled by LSEG.
Last quarter, Snowflake signed a five-year, $6 billion deal with Amazon Web Services to use AWS’ Graviton processors and AI infrastructure.
The company reported adjusted profit of 62 cents per share for the quarter, above analysts estimate of 45 cents.
Source: Reuters
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