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Snowflake projected fiscal 2027 product revenue above Wall Street expectations, highlighting strong enterprise demand for artificial intelligence and cloud-based data analytics solutions. The cloud data platform provider said it expects product revenue of $5.66 billion for the fiscal year ending January 31, 2027, surpassing analysts’ average estimate of $5.50 billion, according to LSEG data. Despite the upbeat forecast, Snowflake shares dipped about 2% in extended trading as investors remained cautious about the broader software sector amid concerns that AI adoption could disrupt traditional software demand.
As enterprises increasingly migrate workloads to the cloud and invest in AI-driven applications, companies like Snowflake are benefiting from growing demand for scalable data infrastructure. CEO Sridhar Ramaswamy noted that the company’s Snowflake Intelligence agentic platform, launched in November, has already been adopted by more than 2,500 customers. He also revealed that Snowflake secured its largest deal ever, valued at over $400 million, though the client was not disclosed.
For the first quarter, Snowflake forecast product revenue between $1.26 billion and $1.27 billion, exceeding analysts’ midpoint estimate of $1.23 billion. The company expects fiscal 2027 product gross margins of 75%, compared to 75.8% reported in fiscal 2026.
Snowflake, which competes with Databricks in the AI and data analytics space, has strengthened its enterprise AI capabilities through two separate multi-year $200 million partnerships with OpenAI and Anthropic. These agreements aim to integrate advanced AI models into its platform and accelerate enterprise AI adoption.
The company also announced the $600 million acquisition of app-monitoring platform Observe to enhance troubleshooting and performance monitoring across software and data systems. Snowflake’s fourth-quarter product revenue rose about 30% year over year to $1.23 billion, beating estimates of $1.18 billion, while adjusted earnings per share of 32 cents topped expectations of 27 cents.
