Snowflake Inc. (SNOW) reported significant growth in its first quarter of fiscal 2027, achieving a total of 13,912 customers, with a net addition of 616 customers, including 13 from the Forbes Global 2000. The company’s product revenue increased by 34% year over year, reaching $1.415 to $1.420 billion for the second quarter, indicating projected growth of 30% year over year.
A multiyear agreement with Amazon Web Services (AWS), worth $6 billion, aims to enhance enterprise AI adoption globally, contributing to increased demand for Snowflake’s cloud services. The company’s customer base is expanding, with 779 clients generating over $1 million in revenue, marking a 29% increase year over year. However, Snowflake faces tough competition from major players like Alphabet and Amazon in the cloud analytics market.
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