After the bell on Wednesday, Snowflake Inc (NYSE:SNOW) missed first quarter profit expectations while revenue surpassed estimates thanks to strong AI product demand. However, to Wall Street's delight, the cloud storage provided guided for second-quarter product revenue above Wall Street estimates and raised its expectations for the year, riding the AI hype wave.
Fiscal First Quarter Highlights
For the quarter that ended on April 30th, Snowflake reported that revenue grew 33% YoY to $828.7 million, while product revenue alone rose 34% YoY to $789.6 million, both surpassing Wall Street estimates. Revenue retention rate was 128%, down from last year's comparable quarter when...
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