Snowflake's stock experienced a pre-market surge of 35.85% on Thursday, following a significant after-hours rally the previous session.
The sharp move was triggered by the company's fiscal first-quarter 2027 earnings report, which surpassed analyst expectations. Snowflake reported adjusted earnings of $0.39 per share, beating estimates of $0.32, and revenue of $1.39 billion, above the $1.32 billion consensus. The company also raised its full-year product revenue forecast to $5.84 billion from a prior outlook of $5.66 billion.
Concurrently, Snowflake announced a major multi-year strategic collaboration agreement with Amazon Web Services, committing $6 billion over five years to access AWS's Graviton chips and AI infrastructure to accelerate enterprise agentic AI adoption. The company also signed a definitive agreement to acquire Natoma, an AI agent connectivity platform, further strengthening its position in the AI ecosystem.