The cloud data firm raised its growth outlook to 31% after Q1 product revenue jumped 34% year-over-year to $1.334 billion.
Snowflake increased its fiscal 2027 product revenue forecast to $5.84 billion, citing accelerating demand driven by AI adoption. The company reported Q1 product revenue of $1.334 billion, up 34% year-over-year, exceeding prior expectations.
Net revenue retention rose to 126%, while non-GAAP operating margin expanded by 300 basis points year-over-year. The revised growth outlook reflects stronger-than-anticipated performance in cloud data services and enterprise AI integration.
Management attributed the results to robust customer adoption and expanding use cases for its data platform. The updated guidance suggests sustained momentum in cloud infrastructure spending.