Snowflake stock surged 38% in its best single-day performance after reporting first-quarter fiscal 2027 earnings that exceeded analyst expectations. Revenue reached $1.39 billion, surpassing the $1.32 billion estimate, while adjusted earnings per share were $0.39 against a projected $0.32. The cloud data company also announced a $6 billion, five-year agreement with Amazon Web Services and raised its product revenue guidance for the year, citing accelerating enterprise AI demand.
Snowflake stock jumped 38% on Thursday following better-than-expected quarterly results. The surge was driven by accelerating enterprise AI demand for its data platform.
The company’s fiscal first-quarter earnings report exceeded Wall Street estimates. It reported Q1 2027 revenue of $1.39 billion and adjusted EPS of $0.39.
For the second quarter, product revenue is forecast between $1.415 billion and $1.42 billion. This is well above the analyst consensus expectation of $1.37 billion.
Full fiscal year product revenue is now expected to total $5.84 billion. This is up from its previous $5.66 billion view and above Wall Street’s $5.67 billion projection.
Additionally, the stock rose after a five-year, $6 billion agreement with Amazon Web Services. The deal includes deeper product integrations around generative and agentic AI.
It also involves expanded go-to-market efforts through AWS Marketplace and workload migrations. These aim to help businesses move from experimenting with AI projects to using them routinely.
New projects with AWS were announced in 10 new regions. Locations include New Zealand, South Africa, Thailand, and the AWS European Sovereign Cloud.
The new launches will help customers meet data residency requirements and deploy AI closer to their operations. “AI has generated enormous excitement, but for enterprises, the real challenge and opportunity is turning intelligence into action,” stated Sridhar Ramaswamy, CEO of Snowflake.
Despite the recent surge, Snowflake stock remains down 19% year-to-date. The bounce began on April 10, with shares up 45% since that year-low.
