Snowflake(US:SNOW) 智通财经网·2025-05-21 23:32Core Insights - Snowflake reported Q1 revenue of $1 billion for FY2026, a 26% year-over-year increase, exceeding market expectations [1] - Non-GAAP EPS was $0.26, also better than market forecasts [1] - Product revenue for Q1 grew 26% to $996.8 million, surpassing the analyst average estimate of $966 million [1] - Remaining performance obligations reached $6.7 billion, above the expected $6.57 billion [1] Financial Metrics - Q1 '26 product revenue was $996.8 million, with a quarter-over-quarter increase of 5.7% and a year-over-year increase of 26.2% [2] - Net revenue retention rate for Q1 '26 was 124%, down from 126% in Q4 '25 [2] - The company added over 400 employees in Q1, marking its largest recruitment since early 2023, primarily in sales and marketing [2] Future Guidance - Snowflake expects product revenue to grow approximately 25% in Q2, reaching about $1.04 billion, slightly above analyst estimates of $1.03 billion [3] - Full-year product revenue guidance was raised from $4.28 billion to approximately $4.33 billion, indicating management's confidence in sustained demand [3] - The CEO emphasized the focus on launching new products and enhancing usability for generative AI applications [3] Market Reaction - Following the earnings report, Snowflake's stock rose approximately 7% in after-hours trading [3] - The stock has increased by 37% since hitting a low in early April 2025, reflecting growing investor optimism [3] Competitive Landscape - Snowflake faces competition from other vendors, including Databricks and major cloud providers like Microsoft and Google [4] - Microsoft recently reported increased customer adoption of its Fabric data product suite [4]