Snowflake lifts annual product revenue forecast, shares soar

Sept 2 : Snowflake raised its full-year product revenue forecast on Wednesday, betting on strong demand for its cloud data platform and AI offerings, sending its shares up more than 20 per cent in extended trading. The company now expects fiscal 2027 product revenue of $6.07 billion, compared with its previous forecast of $5.84 billion.Snowflake has benefited from demand for its core cloud data-warehousing products, aided by legacy-system migrations and AI adoption.Businesses use Snowflake's cloud platform to store and analyze information, and to build applications and AI products. Its AI offerings include coding assistant Cortex Code and enterprise chatbot CoWork.Snowflake's second-quarter product revenue rose 37 per cent to $1.49 billion. It posted overall revenue of $1.55 billion for th