Snowflake shares rise on $6 billion AWS deal, driven by AI cloud demand
Snowflake raised its fiscal 2027 product revenue outlook to $5.84 billion after first-quarter product revenue rose 34% to $1.33 billion. The company signed a $6 billion, five-year cloud infrastructure deal with Amazon Web Services focused on Graviton chips and AI. Shares jumped 29% after hours. Snowflake reported a GAAP net loss of $295.6 million for the quarter.