Reported about 14 hours ago
Snowflake Inc.'s shares soared 18% in after-hours trading following a promising sales outlook that exceeded analysts' expectations. The company's product revenue for the upcoming period is projected to reach between $906 million and $911 million, overshadowing the predicted $890.7 million. CEO Sridhar Ramaswamy credited the strong reception of new generative AI products for attracting and retaining customers. Additionally, Snowflake announced its acquisition of Datavolo Inc., aimed at enhancing data analysis capabilities. The earnings report alleviated investor concerns regarding market competition and consumption rates.
Source: YAHOO