NEW YORK, June 26, 2026, 18:26 (EDT)
- Snowflake ended the session at $248.96, gaining 9.65%. Volume was 303% of the 65-day average.
- The stock moved up even as the Nasdaq Composite slipped 0.2% on Friday and lost 4.6% for the week.
- Snowflake’s most recent product revenue climbed 34%. Remaining performance obligations came in 38% higher at $9.21 billion.
Snowflake Inc. NYSE:SNOW was one of Friday’s outliers in software, closing up 9.65% at $248.96, less than two bucks off its $250 session peak. The stock had traded as low as $222.45 earlier. Volume spiked to 25.59 million shares, or about 303% of its 65-day average. In the after-hours session, Snowflake edged down 0.71% to $247.20 with another 6.9 million shares trading.
Volume told the story more than the close. With Snowflake’s quoted $21.90 per-share move and 346.6 million shares out, Friday’s rally worked out to about $7.6 billion in fresh equity value, not adjusting for dilution. That’s roughly 82% of Snowflake’s $9.21 billion in remaining performance obligations as of end of April.
The ratio is key as Snowflake is still valued on future AI demand instead of backlog. Snowflake says product revenue depends on consumption of compute, storage, and data transfer. Customers can go over their contracted capacity or carry forward what they don’t use.
The stock moved away from the index action. The Nasdaq Composite finished down 60.99 points, or 0.2%, Friday and dropped 4.6% for the week. The S&P 500 was off less than 0.1% on the day and slid 2% for the week.
Snowflake closed Friday trading around 11% under the $280 median analyst target set right after its May earnings and a big Amazon.com Inc. NASDAQ:AMZN Web Services deal. Reuters said at that time at least 30 analysts boosted their targets after Snowflake bumped up its annual sales outlook and unveiled a five-year, $6 billion AWS agreement.
Short sellers betting against AI software got squeezed earlier. Matt Britzman, senior equity analyst at Hargreaves Lansdown, said the rally in May was a sign of “how quickly sentiment can turn” when AI helps a company’s sales. Patrick Colville, analyst at Scotiabank, put Snowflake in the “‘AI winner’ category” after the results. Reuters
Snowflake reported first-quarter revenue of $1.39 billion, a 33% jump. Product revenue rose 34% to $1.33 billion. Net revenue retention came in at 126%. Snowflake said it now has 779 customers generating over $1 million in product revenue over the trailing 12 months, up 29%.
CEO Sridhar Ramaswamy said product revenue had the “strongest sequential dollar growth” Snowflake has recorded. CFO Brian Robins said “AI continues to accelerate” the company’s core data platform. The company reported more than 13,600 accounts are now using its AI tools, while Cortex Code is active in over 7,100 accounts. Snowflake Investor Relations
Snowflake’s revenue mix is still unclear. The company shared AI adoption numbers but didn’t break out AI revenue. For now, fiscal 2027 product revenue guidance is the only proxy. Snowflake lifted that outlook to $5.84 billion, up from $5.66 billion. The non-GAAP operating margin view stays at 13.5%.
U.S. equity markets will close on July 3 next week for Independence Day. The 2026 Nasdaq holiday calendar also keeps that session shut.
