Snowflake surges 8% on earnings beat as company expands AI push

Snowflake shares popped more than 8% Thursday after the data analytics software company posted stronger-than-expected fourth-quarter results. The company reported adjusted earnings of 30 cents per share on $987 million in revenue, surpassing the 17 cents per share and $956 million in sales expected by analysts polled by LSEG. That reflected 27% year-over-year revenue growth. "We see tremendous opportunities ahead to support our customers throughout their end-to-end data lifecycle, and we are laser-focused on delivering on this vision," said CEO Sridhar Ramaswamy in a press release. He called Snowflake the "most consequential data and AI company in the world." Like its peers, Snowflake has pushed to offer new artificial intelligence tools to its customers as the race for advanced large language models and AI capabilities accelerates. It announced an expanded partnership with Microsoft Azure to offer access to OpenAI models on Wednesday. Product revenue also topped analyst estimates, ... Read full article.