Snowflake Surges 36% After Q1 Beat and $6 Billion AWS Deal
Updated
Updated · CNBC · May 27
Snowflake Surges 36% After Q1 Beat and $6 Billion AWS Deal
5 articles · Updated · CNBC · May 27
Snowflake jumped 36% in extended trading after topping quarterly earnings and revenue estimates, marking one of the session's biggest after-hours moves.
Q1 adjusted earnings reached 39 cents a share on $1.39 billion in revenue, while investors also cheered a new five-year, $6 billion agreement with Amazon Web Services.
CEO Sridhar Ramaswamy told CNBC the company's Snowflake Intelligence product already has 2,500 customers and said product innovation will drive durable value in enterprise AI.
The rally stood out in a broader market backdrop that saw the Dow, Nasdaq 100 and Russell 2000 hit fresh highs ahead of U.S. data including jobless claims, GDP and PCE inflation.
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