Cloud analytics firm Snowflake forecasts upbeat full-year product revenue

Cloud analytics firm Snowflake forecasts upbeat full-year product revenue


Pavlo Gonchar | SOPA Images | Lightrocket | Getty Images

Snowflake forecast fiscal 2026 product revenue above analysts’ estimates on Wednesday as the data analytics provider sees rising cloud service growth amid advancements in artificial intelligence, sending its shares up 11% in extended trading.

The company also said it has integrated OpenAI’s models directly in Snowflake Cortex AI, its fully managed AI service.

Snowflake’s data cloud has been seeing strong adoption from firms looking to use AI-powered services to organize swathes of data.

The company said on Wednesday that Chief Financial Officer Michael Scarpelli will retire. He will remain in his role until a successor is found, and will then move into an advisory position.

Snowflake forecast annual 2026 product revenue growth of 24% to $4.28 billion, compared with the average analyst estimate of $4.21 billion, according to data compiled by LSEG.

Businesses are pushing their budgets as they migrate towards cloud-based solutions, ramping sales for businesses such as Snowflake.

The company also forecast first-quarter product revenue between $955 million and $960 million, above estimates of $949.3 million.

Total revenue for the fourth quarter was $986.8 million, beating estimates of $955.9 million.



Source

CNBC Daily Open: Despite all the uncertainty, the S&P 500 is flirting with record highs — strange times
World

CNBC Daily Open: Despite all the uncertainty, the S&P 500 is flirting with record highs — strange times

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 23, 2025. Brendan McDermid | Reuters Have we gone back in time? It certainly seems on the markets front. Just look at the S&P 500 and you will think that it’s back in February — before U.S. […]

Read More
Asia-Pacific markets set to trade mixed as Middle East tensions appear to ease
World

Asia-Pacific markets set to trade mixed as Middle East tensions appear to ease

A HDR evening shot taken at sunset of the Tokyo skyline. Fgm | E+ | Getty Images Asia-Pacific markets were set to open mixed Thursday, as investors continued to weigh the ongoing ceasefire between Israel and Iran. Japan’s benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 39,055 while […]

Read More
Stock futures are little changed as S&P 500 nears new record high: Live updates
World

Stock futures are little changed as S&P 500 nears new record high: Live updates

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 25, 2025. Jeenah Moon | Reuters Stock futures were relatively unchanged on Wednesday as the S&P 500 remains within striking distance of its all-time high. S&P 500 futures traded around the flatline, as did Nasdaq 100 futures. […]

Read More