On May 28, Snowflake surged 24.49% in after-hours trading, trading at $217.42/share, with trading volume of approximately $103 million. The sharp move was triggered by the company's fiscal Q1 2027 earnings report released after the close on May 27, which exceeded market expectations.

Ahead of the report, Wall Street consensus had called for total revenue of approximately $1.32 billion, representing 31.33% year-over-year growth, and adjusted EPS of $0.32, up 49.10% year-over-year. Wedbush Securities had noted prior to the release that the Street's revenue estimate appeared conservative, citing continued strength in Snowflake's core data warehousing business and growing enterprise demand for secure, governed, and auditable data infrastructure to support AI workloads. The firm highlighted a $9.77 billion remaining performance obligations backlog, signaling strong forward revenue visibility.

Additionally, Snowflake announced its intent to acquire Natoma to strengthen secure connectivity for autonomous enterprises, and its venture arm recently participated in a $113 million Series B round for AI platform Openrouter, reinforcing confidence in the company's broader AI ecosystem positioning.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)