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Snowflake (NYSE:SNOW) showed year-over-year revenue growth of 33% when it reported its first quarter fiscal year 2025 financial results on Wednesday, prompting a price spike.
Shares of the Bozeman, Mont.-based AI data cloud company surged 8% during early post-market trading.
The firm reported quarterly revenue of $828.7M, compared to the estimate of $785.89M. However, earnings per share of $0.14 trailed analysts' expectations of $0.17.
Snowflake's outlook exceeded estimates across the board.
Looking ahead, Snowflake expects second quarter product revenue to range from $805M to $810M versus the estimate of $787.5M. It also projects full-year product revenue of $3.3B versus the estimate of $3.26B.
"Product revenue was up 34% year-over-year at nearly $790M, while remaining performance obligations were $5B, up 46% year-over-year," said Snowflake CEO Sridhar Ramaswamy. "Our AI products, now generally available, are generating strong customer interest. They will help our customers deliver effective and efficient AI-powered experiences faster than ever."
Snowflake also announced it plans to acquire technology assets and hire key employees from TruEra, an AI observability platform.
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