Snowflake shares rise after strong forecast amid AI demand
Snowflake shares surged after the company exceeded expectations for quarterly results and raised its revenue forecast in a key segment. The cloud data storage services provider also forecasts higher product revenue for the current quarter than analysts expected.
Demand for AI solutions
Companies seeking to build artificial intelligence tools based on their own data are turning to Snowflake, contributing to significant revenue growth, MarketWatch reports. The publication calls Snowflake one of the major winning companies among software developers in the AI era.
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CEO comment
Snowflake CEO Sridhar Ramaswamy linked the strong quarter to growing use of the company’s AI products. According to him, the AI transformation taking place in enterprises is strengthening Snowflake’s advantages.
Ramaswamy told MarketWatch that more and more customers are moving their data and data-related work to Snowflake to obtain an AI-ready data foundation.
