Overview
- Snowflake posted a sharp reacceleration in product revenue, with product sales rising 34% year over year to $1.33 billion and the company calling that its strongest sequential dollar growth.
- Management raised forward targets, setting second‑quarter revenue guidance at about $1.415–$1.42 billion and lifting full‑year product revenue guidance to $5.84 billion.
- Profitability improved as non‑GAAP operating margin expanded to 12% and adjusted EPS rose to $0.39 while the net loss narrowed to $295 million.
- Customer and contract trends strengthened with net revenue retention at 126%, remaining performance obligations up 38% to $9.21 billion, and 616 net new customers added.
- Markets responded with a large rally but investors and analysts are now focused on near‑term consumption data and partner integrations shown at the upcoming Summit to test whether AI-driven usage will sustain the gains.