Live: Can Snowflake Break Out After Q1 Earnings Tonight?

Investors await Snowflake’s Q1 FY2027 results after the bell on May 27. The company enters the report with strong FY2026 momentum, including Q4 product revenue of $1.23 billion, up 30% year over year, and remaining performance obligations of $9.77 billion, up 42% year over year. Net revenue retention remains at 125%, and the company added 740 net new customers, its strongest quarter on record. Shares have risen sharply since February, reflecting confidence in Snowflake’s role in enterprise AI. Expectations center on AI consumption metrics, including Snowflake Intelligence and Cortex Code adoption, and on whether margin expansion to a 12.5% non-GAAP operating margin can offset lower gross margins from newer AI products and a free cash flow headwind tied to the Observe acquisition.

"Investors are watching Snowflake ( NYSE:SNOW | SNOW Price Prediction) ahead of its Q1 FY2027 results, expected tonight, May 27, after the bell at 4:05 PM ET. After a strong Q4 finish and a sharp recent rally, this report will test whether AI-driven consumption can sustain the company's 27% growth guide."

"Snowflake closed FY2026 with serious momentum. Q4 product revenue hit $1.23 billion, up 30% year-over-year, and remaining performance obligations jumped to $9.77 billion, up 42% YoY. Net revenue retention held at 125%, and the company added 740 net new customers, its strongest quarter on record."

"Since that February 25 report, shares have moved in a wide arc. SNOW is up 26.57% over the past month to roughly $174.63, yet still down 19.04% year-to-date. The rebound reflects renewed conviction in CEO Sridhar Ramaswamy's claim that "Snowflake sits at the center of the enterprise AI revolution.""

"I'll be watching three things tonight closely. First, AI consumption: Snowflake Intelligence reached 2,500 accounts in three months, and 9,100+ accounts now use AI features. Cortex Code, the company's AI coding agent, was already in 4,400+ customers at year-end. CEO Ramaswamy called it "the real game changer" for accelerating the data lifecycle. Translating that adoption into measurable consumption growth is the test."

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