美股互联网传媒行业跟踪报告（二十二）：Snowflake上调全年业绩指引，Cortex彰显AI+数据治理强劲需求

Investment Rating - The report maintains a "Buy" rating for Snowflake, indicating an expected investment return exceeding 15% over the next 6-12 months [1]. Core Insights - Snowflake reported strong performance in FY25Q3, with total revenue reaching $942 million, exceeding Bloomberg consensus by 5% and showing a year-over-year growth of 28.3%. Product revenue was $900 million, up 29% year-over-year [1]. - The company raised its guidance for FY25 product revenue to $3.43 billion, a 29% increase year-over-year, and adjusted its FY25Q4 product revenue guidance to between $906 million and $911 million, with a median growth of 23% [1]. - Snowflake's non-GAAP EPS for FY25Q3 was $0.20, surpassing expectations by 31.6% [1]. - The company is implementing stricter cost management strategies, which include deploying AI and removing redundant management layers, leading to improved profitability [1]. Summary by Sections Financial Performance - FY25Q3 total revenue was $942 million, with a year-over-year growth of 28.3% and product revenue of $900 million, up 29% [1]. - Non-GAAP EPS was $0.20, exceeding expectations by 31.6% [1]. - Remaining performance obligations reached $5.7 billion, surpassing expectations by 9.23% [1]. Guidance Adjustments - FY25 product revenue guidance was raised to $3.43 billion, a 29% year-over-year increase [1]. - FY25Q4 product revenue guidance is set between $906 million and $911 million, with a median growth of 23% [1]. - Operating margin guidance for FY25 was adjusted to 5%, down from 8% in FY24 [1]. AI and Data Governance - Snowflake's AI and data governance product matrix is benefiting from strong demand, with over 3,200 accounts using its AI and ML capabilities [1]. - The adoption of the Cortex platform is rapidly increasing, and new products like Snowpark are receiving positive feedback, potentially contributing 3% to company revenue in the future [1]. - The company has observed a trend towards open data formats, with Apache Iceberg expected to benefit from this shift [1]. Strategic Partnerships - Snowflake's collaboration with AWS has generated over $3.9 billion in business over the past four quarters, reflecting a year-over-year growth of 68% [1]. - The SnowflakeBuild2024 conference highlighted innovations in AI and application development, including enhancements to CortexAI and the launch of DocumentAI [1]. Investment Recommendations - The report suggests focusing on Snowflake, MongoDB, ServiceNow, and Datadog as potential investment opportunities due to their strong positioning in the AI and data governance sectors [1].