Snowflake's Q1 product revenue rose 34% year-over-year to $1.33B and non-GAAP EPS reached $0.39, surpassing forecasts and expanding remaining performance obligations 38% to $9.21B. The company secured a $6B multi-year AWS deal, acquired AI-governance firm Natoma and lifted its full-year product revenue target to $5.84B, fueling a 40% stock jump.
Snowflake's first-quarter product revenue rose 34% year-over-year to $1.33 billion, while non-GAAP EPS reached $0.39, beating consensus by $0.07. Remaining performance obligations expanded 38% to $9.21 billion, underscoring strong demand for the company's cloud data platform.
The company signed a five-year, $6 billion multi-year commitment with AWS for Graviton compute and GPU-accelerated instances, deepening product integrations and go-to-market collaboration to support enterprise AI workloads at scale.
Snowflake acquired Natoma to extend its AI governance capabilities and lifted full-year product revenue guidance to $5.84 billion, implying 31% growth up from a prior 27% outlook, reflecting confidence in accelerating AI adoption.
Benzinga
