Snowflake’s stock soared following stronger-than-expected earnings and a landmark cloud partnership with Amazon Web Services.
Snowflake (SNOW) shares jumped 40% on May 28, 2026, reversing a 20% year-to-date decline after reporting first-quarter fiscal 2027 revenue of $1.39 billion, beating the $1.32 billion consensus. Product revenue rose 34% to $1.33 billion, the largest sequential gain in the company’s history, while non-GAAP earnings hit $0.39 per share, surpassing estimates of $0.32.
The company also raised full-year product revenue guidance to $5.84 billion, up from a prior 27% growth outlook to 31%. Remaining performance obligations grew 38% to $9.21 billion, and net revenue retention remained steady at 126%. Analysts highlighted Snowflake’s role as a foundational data layer for enterprise AI.
Snowflake announced a five-year, $6 billion deal with Amazon Web Services, its largest cloud commitment to date, covering AWS Graviton chips and GPU-accelerated instances. The agreement underscores Snowflake’s shift from a slowing software narrative to a key player in AI infrastructure.