Snowflake sees second-quarter product revenue above estimates

4 weeks ago 61

Snowflake forecast second-quarter product revenue above Wall Street estimates and raised its expectations for the year on Wednesday on strong demand for its cloud-based services, amid a surge in use of generative artificial intelligence.

The company's shares were up nearly 7 per cent in trading after the bell.

Companies are increasingly moving from traditional to cloud-based solutions, looking to integrate digital and more cost-effective processes since the pandemic, benefiting cloud-related services firms such as Snowflake.

The Bozeman, Montana-based company forecast product revenue in the range of $805 million to $810 million for the second quarter, above analysts' average estimate of $785 million, according to LSEG data.

For 2025, Snowflake sees product revenue coming in at $3.30 billion, up from a prior forecast of $3.25 billion.

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