Snowflake Stock Skyrockets 36% Following Exceptional Earnings Report
Snowflake Inc., a leading provider of cloud data platforms, witnessed a remarkable surge in its stock by approximately 36% on Thursday, May 28, 2026. This significant increase came on the heels of a blockbuster quarterly earnings report that far surpassed Wall Street’s expectations.
The company’s first quarter fiscal 2027 product revenue was reported at a whopping $1.33 billion, marking a 34% year-over-year increase. The total revenue reached an impressive $1.39 billion. Non-GAAP earnings per share were $0.39, notably outperforming analyst expectations of $0.32. The net revenue retention rate for the company stood strong at 126%. Furthermore, the number of customers with trailing 12-month product revenue exceeding $1 million saw a 29% year-over-year growth, increasing to 779.
Snowflake’s CEO, Sridhar Ramaswamy, hailed this as a “milestone quarter“, boasting the strongest sequential dollar growth in the company’s history. The earnings beat triggered a massive one-day re-rating, with shares skyrocketing from $175.26 to $238.37. In another significant development, Snowflake announced a $6 billion agreement to invest in Amazon Web Services over the next five years, further fortifying its cloud infrastructure partnerships.
Source: https://www.sec.gov/Archives/edgar/data/0001640147/000164014726000027/fy2027q1earnings.htm