May 27 : Cloud-based data analytics platform Snowflake raised its annual product revenue forecast on Wednesday, signaling growing demand for AI-driven workloads and cloud migrations.The company's growth was fueled by surging enterprise demand for its core data warehousing products and growing uptake of its AI offerings, with migrations from legacy systems and increased use of machine learning tools adding momentum.Snowflake enables businesses to store, analyze and share large volumes of data across applications and users. The company has seen strong adoption of AI tools such as Cortex Code and Snowpark, which help businesses build generative AI applications and deploy machine learning models on their data.
Snowflake raised its product revenue forecast for fiscal 2027 to $5.84 billion, from $5.66 billion projected earlier."We now have 779 customers spending more than $1 million on a trailing 12-month basis," finance chief Brian Robins said.It expects second-quarter product revenue to be between $1.415 billion and $1.420 billion, compared with analysts' average estimate of $1.37 billion, according to data compiled by LSEG.Total revenue for the first quarter came in at $1.39 billion, above the estimate of $1.32 billion.
