Snowflake Gains on Strong Outlook That Eases Software Fears

Snowflake Inc. shares jumped the most in nine months after the company gave a strong outlook, calming investor anxiety that software vendors will be hurt by a slowing economy and new competition from artificial intelligence upstarts.

Product revenue will be about $4.4 billion in the fiscal year ending in January, the company said Wednesday in a statement. That beat analysts’ average estimate of $4.34 billion, according to data compiled by Bloomberg.