Snowflake Shares Jump 35% Pre-Market After Q1 Beat, $6B AWS Deal
SNOW•Snowflake's Q1 revenue climbed 33% to $1.39 billion with adjusted EPS of $0.39, topping estimates. The company raised full-year product revenue guidance to $5.84 billion and announced a $6 billion, five-year AWS deal, fueling a 35% premarket stock surge—the largest daily gain since its 2020 IPO.
1. Q1 Financial Results
Snowflake's fiscal first-quarter revenue increased 33% year-over-year to $1.39 billion, while adjusted earnings per share reached $0.39, exceeding consensus forecasts and underscoring robust demand for its cloud data platform.
2. AWS Partnership and Guidance Raise
The company secured a $6 billion, five-year AI infrastructure agreement with Amazon Web Services and lifted its full-year product revenue outlook to $5.84 billion from $5.66 billion, signaling strong momentum in both core and AI-driven offerings.
3. Market Reaction and Stock Performance
Shares surged 35% in premarket trading, marking the largest single-day gain since Snowflake's September 2020 IPO, as retail traders’ sentiment shifted to “extremely bullish” on discussion platforms.
4. Enterprise Customer Expansion
The count of customers spending over $1 million on a trailing twelve-month basis rose to 779, with 46 new million-dollar clients added in the quarter versus 26 in the same period last year, reflecting accelerating enterprise adoption.
