Shares of Snowflake Inc. (SNOW) surged over 28% on Thursday morning driven by its third-quarter results. The data analytics provider also raised its annual product revenue forecast.
SNOW is currently trading at $165.91, up $36.79 or 28.49%, on the Nasdaq. The stock opened its trading at $131.26 after closing Wednesday at $129.12. The stock has traded between $107.13 and $237.72 in the past 52-week period.
Snowflake also announced it has agreed to acquire Datavolo, the company built to rapidly accelerate the creation, management, and observability of multimodal data pipelines for enterprise AI.
Snowflake announced a partnership with Anthropic, which will allow its customers to enhance their AI applications using Anthropic's large language models on Snowflake's cloud-based data platforms.
The company reported third-quarter net loss of $324.3 million or $0.98 per share, wider than last year's loss of $214.3 million or $0.65 per share.
Excluding one-time items, Snowflake reported adjusted earnings of $73.2 million or $0.20 per share for the period. Analysts estimated projected $0.15 per share.
Revenues for the quarter were $942.1 million, up from $734.2 million in the same period last year.
The company expects product revenue of $3.43 billion for 2025, compared with its previous forecast of $3.36 billion.
"Snowflake delivered a strong third quarter, with product revenue of $900 million, up 29% year-over-year, and remaining performance obligations of $5.7 billion, with year-over-year growth accelerating to 55%," said Sridhar Ramaswamy, CEO of Snowflake. "Our obsessive drive to produce product cohesion and ease of use has built Snowflake into the easiest and most cost-effective enterprise data platform. That is what's leading us to win new logo after new logo, expand within our customer base, and displace our competition over and over again."
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