Snowflake Inc. SNOW reported adjusted quarterly earnings of $0.39 per share on Wednesday, beating the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.24 per share a year ago.
The company posted revenues of $1.39 billion for the quarter ended April 2026, surpassing the Zacks Consensus Estimate by 5.23%. This compares to year-ago revenues of $1.04 billion.
Snowflake raised its annual product revenue forecast on Wednesday as enterprises increased spending on AI applications and shifted more data workloads to the cloud platform. The upbeat outlook, along with a major new partnership with Amazon Web Services, sent Snowflake shares soaring 36% in extended trading.
The company signed a five-year, $6 billion agreement with AWS to expand the use of AWS’ Graviton processors and AI infrastructure, deepening their collaboration around enterprise AI.
Expanded AI Integration and Enterprise Migration Efforts
The latest agreement includes deeper integration of generative and agentic AI tools, broader go-to-market initiatives through AWS Marketplace and expanded workload migration programs. These efforts are aimed at helping enterprises move beyond AI experimentation toward large-scale operational deployment.
Core Data Platform and AI Tools Drive Momentum
Snowflake has continued benefiting from strong enterprise demand for its core data warehousing business. Increased migration from legacy systems and growing adoption of machine learning tools have further accelerated growth.
The company also reported strong traction for AI-focused offerings such as Cortex Code and Snowpark.
Revenue Forecast Raised Above Expectations
Snowflake lifted its fiscal 2027 product revenue forecast to $5.84 billion from the prior projection of $5.66 billion.
ETFs in Focus
Against this backdrop, below we highlight a few Snowflake-heavy exchange-traded funds (ETFs).
Dana Unconstrained Equity ETF DUNK – SNOW has about 7.74% weight
Twin Oak Endure ETF SPYA – SNOW has about 6.80% weight
TrueShares Technology, AI & Deep Learning ETF LRNZ – SNOW has about 4.67% weight
Global X Cloud Computing ETF CLOU – SNOW has about 4.54% weight
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
