Shares of Snowflake Inc. (NYSE:SNOW) surged over 5% in intraday trading on Monday, fueled by the company's impressive financial performance and promising growth prospects in the artificial intelligence (AI) space.
Snowflake, a leading cloud data platform provider, reported better-than-expected revenue for the first quarter of the fiscal year. The company's product revenue grew by an impressive 34% year-over-year, reaching nearly $790 million. While the adjusted earnings per share fell short of analysts' estimates, investors were encouraged by Snowflake's strong top-line growth.
Looking ahead, Snowflake raised its product revenue forecast for the fiscal year 2025 to $3.30 billion, up from the previous estimate of $3.25 billion. The company's net revenue retention rate of 128% also highlighted high levels of customer satisfaction, further bolstering investor confidence.
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