Screenshot: Snowflake $SNOW
Snowflake $SNOW reported first-quarter revenue of $1.39 billion, up 33% from a year earlier, and announced a $6 billion, five-year spending commitment to Amazon $AMZN Web Services on Wednesday, sending Snowflake stock sharply higher in after-hours trading.
Product revenue, the company's primary metric, reached $1.33 billion, a 34% year-over-year increase that Snowflake said represented the strongest sequential dollar growth in its history. The Wall Street consensus, per LSEG estimates cited by CNBC, had called for revenue of $1.32 billion and adjusted earnings of 32 cents per share. On an adjusted basis, earnings came in at 39 cents per share.
Alongside the earnings results, Snowflake announced a multi-year strategic collaboration agreement with AWS covering $6 billion in infrastructure spending over five years, its largest commitment to the cloud provider to date. Under the agreement, Snowflake plans to broaden its reliance on Graviton chips alongside cloud-based GPU resources to support AI workloads. Snowflake was founded on AWS eleven years ago, and the majority of its customers run on AWS today.
"We are moving into the era of the agentic enterprise, where AI systems don't just answer questions, but help organizations reason over trusted data, coordinate workflows, and drive real business outcomes," Snowflake CEO Sridhar Ramaswamy said in a statement.
