Snowflake surges 13% on earnings beat as company expands AI push

Core Insights - Snowflake shares increased by over 13% following the release of stronger-than-expected fourth-quarter results, with adjusted earnings of 30 cents per share and revenue of $987 million, surpassing analyst expectations of 17 cents per share and $956 million in sales, reflecting a 27% year-over-year revenue growth [1] Financial Performance - The company reported product revenue growth of 28%, reaching $943 million, exceeding the analyst estimate of approximately $914 million [3] - Snowflake anticipates $4.28 billion in product revenue for the upcoming year, which is above the $4.21 billion estimate [3] Strategic Vision - CEO Sridhar Ramaswamy emphasized the company's focus on supporting customers throughout their end-to-end data lifecycle and described Snowflake as the "most consequential data and AI company in the world" [2] - The company is actively expanding its offerings in artificial intelligence tools, highlighted by a new partnership with Microsoft Azure to provide access to OpenAI models [2]