Snowflake Inc. (NYSE: SNOW) delivered a standout fiscal first quarter of 2027, sending its stock surging roughly 34% in after-hours trading. The cloud data platform reported adjusted earnings per share of $0.39, beating the consensus estimate of $0.32, while revenue climbed 33% year-over-year to $1.39 billion, topping the expected $1.3 billion. Product revenue reached $1.334 billion, exceeding both analyst projections and the company’s own guidance.
The rally was further fueled by the announcement of a $6 billion multi-year infrastructure commitment to Amazon Web Services (AWS). The deal aims to scale enterprise AI and data workloads globally, deepening the integration between Snowflake’s Cortex AI platform and AWS services like Graviton processors and EC2 GPU instances. CEO Sridhar Ramaswamy emphasized that the partnership simplifies bringing AI to governed data, while CFO Brian Robins cited strong momentum in both the core platform and AI businesses as the reason for raising full-year product revenue guidance to $5.84 billion from $5.66 billion.
Accompanying the earnings, Snowflake revealed a sharp increase in AI account adoption, from approximately 9,100 accounts in the previous quarter to around 13,600. The company’s Snowflake Intelligence product saw accounts double quarter-over-quarter, and it agreed to acquire Natoma, a platform built on the Model Context Protocol to connect AI agents to enterprise data. Despite the after-hours surge, the stock had closed the regular session down 1.2% at $175.47, and remains about 20% lower year-to-date against a 10% gain for the S&P 500.
