Key facts
- Snowflake increased its full-year product revenue forecast to $6.07 billion.
- The company's second-quarter product revenue grew 37% to $1.49 billion.
- Total revenue for the second quarter reached $1.55 billion, surpassing analyst expectations.
- Demand for Snowflake's cloud data warehousing and AI offerings is driving growth.
- Snowflake recently signed a five-year, $6 billion deal with Amazon Web Services.
Snowflake has raised its full-year product revenue forecast, anticipating continued strong demand for its cloud data platform and artificial intelligence offerings. The company now projects fiscal 2027 product revenue to reach $6.07 billion, an increase from its prior forecast of $5.84 billion.
Growth has been fueled by demand for Snowflake's core cloud data-warehousing products, supported by businesses migrating legacy systems and adopting AI technologies. The platform enables companies to store and analyze data, and to develop applications and AI products, including its Cortex Code assistant and CoWork enterprise chatbot.
In the second quarter, Snowflake reported a 37% increase in product revenue, reaching $1.49 billion. Overall revenue for the quarter was $1.55 billion, exceeding the $1.48 billion average estimate from analysts. The company also recently secured a five-year, $6 billion agreement with Amazon Web Services to utilize AWS' Graviton processors and AI infrastructure.