Snowflake Inc. (SNOW) reported a significant boost in AI-driven revenue during the fiscal third quarter of 2026, with AI influencing 50% of its bookings. The company reached a $100 million run rate in AI revenue a quarter earlier than anticipated, bolstered by the rapid adoption of its Snowflake Intelligence platform, utilized by 1,200 customers. Additionally, over 7,300 customers are reportedly leveraging its AI and machine learning technology weekly.
Looking ahead, Snowflake forecasts product revenues between $1.195 billion and $1.2 billion for the fourth quarter of fiscal 2026, which translates to a year-over-year growth of 27%. Despite stiff competition from Amazon and Oracle in the AI sector, Snowflake’s investments in AI positions it to capitalize on increasing enterprise demand.
As for stock performance, Snowflake shares have gained 1.6% over the trailing six months, lagging behind the broader tech sector’s return of 21.3%. The consensus for SNOW’s fiscal 2026 earnings is currently estimated at $1.20 per share, a 44.58% year-over-year increase.
