Snowflake’s Q1 revenue jumps 33% to $1.39 billion
Snowflake’s first-quarter earnings report showed a 33% increase in revenue to $1.39 billion, exceeding estimates of $1.32 billion. The company’s net revenue retention rate was 126%, indicating existing customers are increasing their spending.
The data warehousing specialist also reported a 38% increase in remaining performance obligations to $9.21 billion, showing strong forward demand. Adjusted earnings per share improved from $0.24 to $0.39, beating the consensus estimate of $0.32.
Snowflake’s strong results come amid concerns that AI-native products could disrupt the leading enterprise software companies. The company’s stock was up 34% on Thursday morning following the earnings report.
Snowflake also announced an expanded $6 billion collaboration with AWS to accelerate enterprise AI adoption, and acquired Natoma, a platform for AI agents.