Stock Track | Snowflake Soars 5.03% Intraday on Strong Earnings, $6B AWS Deal, and Analyst Upgrades

Stock Track05-29

Snowflake's stock price soared 5.03% during intraday trading on Friday, extending a significant rally.

The surge follows the company's release of its first-quarter fiscal 2027 results, which featured a strong earnings beat and raised guidance. Snowflake reported adjusted earnings per share of $0.39, surpassing the consensus estimate of $0.32, while revenue of $1.39 billion topped expectations. Management also raised its full-year product revenue forecast to $5.84 billion.

Further fueling investor optimism is a new five-year, $6 billion strategic procurement agreement with Amazon Web Services (AWS) to secure Graviton processors and AI-focused GPUs, signaling a major scale-up in infrastructure commitment. The company also noted accelerating AI product adoption, with users of its Cortex Code product doubling quarter-over-quarter. These positive developments prompted multiple analyst upgrades and price target increases from firms including HSBC, Citigroup, and Argus Research.

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