WASHINGTON (dpa-AFX) - Shares of Snowflake Inc. (SNOW) were gaining around 36 percent in the pre-market activity on the NYSE, after the AI Data company late Wednesday reported a reduced net loss for the first quarter with strong growth in revenues amid the increasing AI momentum.
Further, the firm issued second-quarter outlook, expecting higher product revenues, and raised fiscal 2027 outlook.
Brian Robins, CFO of Snowflake said, 'AI continues to accelerate our core data platform business as customers move to Snowflake with increasing urgency. We now have 779 customers spending more than $1 million on a trailing 12-month basis, 46 of which crossed the threshold in Q1, compared to 26 a year ago. Given the strong momentum across both our core platform business and AI business, we are raising our full-year product revenue guidance.'
For the quarter ended April 30, net loss attributable to Snowflake narrowed to $295.57 million or $0.86 per share from loss of $430.09 million or $1.29 per share last year.
Quarterly revenue rose 33 percent to $1.39 billion from $1.04 billion in the previous year.
Product revenue grew 34 percent year-over-year to $1.33 billion.
Looking ahead to the second quarter, the company expects product revenue of $1.415 billion to $1.420 billion, representing 30 percent year-over-year growth.
Further ahead to full year 2027, Snowflake now expects product revenue of $5.84 billion, up 31 percent year-over-year, compared to previous view of $5.66 billion, a growth of 27 percent from last year.
The company now expects adjusted operating margin of 13.5 percent, up from previous guidance of 12.5 percent.
In the pre-market activity on the NYSE, shares of Snowflake were up 35.87 percent, changing hands at $238.12, after closing Wednesday's regular session 1.32 percent lower.
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