Snowflake (SNOW) shares surged 7.46% in 24 hours following the cloud-based data storage company's impressive first-quarter results and optimistic guidance. The company reported its first-ever $1 billion revenue quarter, surpassing Wall Street expectations and showcasing robust growth in its core business segments.

For the fiscal first quarter ended April 30, Snowflake posted adjusted earnings of 24 cents per share on revenue of $1.04 billion, handily beating analysts' estimates of 21 cents per share on revenue of $1 billion. The company's product revenue, derived from customers' consumption of compute, storage, and data transfer, grew 26% year-over-year to $996.8 million, also exceeding the consensus forecast of $962 million.

Looking ahead, Snowflake provided an upbeat outlook for the second quarter, projecting product revenue between $1.035 billion and $1.04 billion, above Wall Street's expectations of $1.02 billion. The company also raised its full-year product revenue guidance to $4.33 billion, representing 25% year-over-year growth. This positive guidance, coupled with the strong Q1 performance, reflects Snowflake's continued momentum in the cloud computing and data analytics markets. Investors appear encouraged by the company's ability to capitalize on the growing enterprise demand for AI and cloud services, despite broader economic concerns.