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Snowflake Inc. (SNOW) reported an 11.4% decline in shares since its third-quarter fiscal 2026 results on December 3, which were affected by a hyperscaler outage costing around $1 million to $2 million in revenue. Despite this downturn, shares rose 27.9% over the past year, outperforming the Zacks Computer and Technology sector’s growth of 25%.
For the fourth quarter of fiscal 2026, Snowflake anticipates product revenues between $1.195 and $1.2 billion, a 27% year-over-year increase, with a consensus estimate of $1.23 billion. For fiscal 2026, expected product revenues are $4.446 billion, signaling 28% growth year-over-year. The company reported a net revenue retention rate of 125% in the third quarter.
Snowflake’s customer base grew 20% year-over-year to 12,621, with 688 customers generating over $1 million in trailing 12-month revenues. The company has surpassed $2 billion in Amazon Web Services Marketplace sales, doubling year-over-year, and continues to expand its AI offerings, reflected in a $100 million AI revenue run rate, achieved earlier than expected.
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