Snowflake reported product revenue of $1.334 billion, up 34% YoY with net revenue retention at 126% and 616 new customers added, prompting management to raise full-year growth guidance to 31% driven by AI offerings. Non-GAAP operating margins expanded 300 basis points to 12%, while CoCo reached over 7,100 accounts and Snowflake Intelligence usage more than doubled quarter-over-quarter, supporting the shift toward an agentic AI control plane. The strategy highlights rapid adoption and scalability examples like Nestle, but raises questions on sustaining retention, converting pilots to production workloads, and maintaining security as the platform expands.

Company: Snowflake Inc. (SNOW) — Q1 FY2027

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