Snowflake (SNOW) stock jumped 38% on Thursday in its best day ever after the cloud data company posted better-than-expected quarterly results, driven by accelerating enterprise AI demand for its platform. Snowflake’s fiscal first-quarter profit and revenue exceeded expectations, leading to a 38% surge in its stock after hours into Thursday’s trading.
Snowflake’s fiscal first-quarter earnings report blasted past Wall Street estimates, reporting Q1 2027 revenue of $1.39 billion, exceeding the $1.32 billion estimate, and adjusted EPS of $0.39, which significantly beat the $0.32 projection. Looking ahead, Snowflake forecasts second-quarter product revenue coming in between $1.415 billion and $1.42 billion, well above the analyst consensus expectation of $1.37 billion. For the full fiscal year, the AI data cloud company expects product revenue totaling $5.84 billion, up from its previous $5.66 billion view and above Wall Street’s $5.67 billion view.
Additionally, Snowflake (SNOW) stock is also up after the company announced a five-year, $6 billion agreement with Amazon Web Services (AWS). The latest deal will include deeper product integrations around generative and agentic AI, expanded go-to-market efforts through AWS Marketplace, and workload migrations aimed at helping businesses move from experimenting with AI projects to using them routinely.
Additionally, Snowflake announced new projects with AWS in 10 new regions. New locations include New Zealand (Auckland), South Africa (Cape Town), Thailand (Bangkok), AWS European Sovereign Cloud, and others. The new launches will help customers meet data residency requirements and deploy AI closer to where their business operates. “AI has generated enormous excitement, but for enterprises, the real challenge and opportunity is turning intelligence into action,” said Sridhar Ramaswamy, CEO of Snowflake.
Snowflake stock remains down 19% YTD, as the cloud company has been hit hard in 2026. The stock’s bounce began on April 10, with shares up 45% since that year-low. While AI has dominated the software industry and stock market in 2026, Snowflake insists that data warehousing could be immune to the disruption.