Snowflake Projects Strong Growth With Focus on AI Products
- Data software company raises annual product revenue outlook
- Quarterly report is the first under new CEO Sridhar Ramaswamy
This article is for subscribers only.
Snowflake Inc. gave a sales outlook for the current quarter that beat estimates, suggesting that new artificial intelligence-oriented products can help accelerate growth.
Product revenue — which makes up the bulk of Snowflake’s business — will be $805 million to $810 million in the period ending in July, the company said Wednesday in a statement. Analysts, on average, predicted $787.5 million, according to data compiled by Bloomberg. The company also raised its fiscal year product sales forecast to $3.3 billion from $3.25 billion.