Snowflake Beats Q3 Estimates, Announces AI Partnership and Acquisition

The data cloud company reported strong revenue growth, raised its annual guidance, and revealed a collaboration with Anthropic and the acquisition of Datavolo.

Snowflake reported $942.1 million in Q3 revenue, surpassing analyst expectations of $900.3 million and marking a 28% year-over-year increase.
Adjusted earnings per share came in at 20 cents, beating the 15 cents analysts had projected.
The company raised its full-year product revenue guidance to $3.43 billion, reflecting an anticipated 29% year-over-year growth.
Snowflake announced the acquisition of Datavolo, a data integration platform, to enhance data engineering and interoperability capabilities.
A new partnership with Anthropic will integrate Claude 3.5 AI models into Snowflake products, enabling advanced enterprise AI use cases while leveraging Amazon Web Services.