Investing.com -- Snowflake Inc (NYSE:SNOW) saw its shares surge 13.9% after-hours Wednesday after the AI Data Cloud company reported fourth-quarter earnings that exceeded analyst expectations and announced an expanded partnership with Microsoft (NASDAQ:MSFT) to integrate OpenAI models.
The company reported adjusted earnings per share of $0.30, surpassing the analyst estimate of $0.17 by $0.13. Revenue for the quarter came in at $986.8 million, beating the consensus estimate of $956.22 million and representing a 27% increase YoY.
Product revenue, a key metric for Snowflake, reached $943.3 million, up 28% YoY. The company's net revenue retention rate stood at 126% as of January 31, 2025.
"We delivered another strong quarter, with product revenue of $943 million, up a strong 28% year-over-year," said Sridhar Ramaswamy, CEO of Snowflake. "Today, Snowflake is the most consequential data and AI company in the world."
Snowflake reported 580 customers with trailing 12-month product revenue greater than $1 million, a 27% YoY increase. The company also noted that it now serves 745 Forbes Global 2000 customers, up 5% YoY.
Looking ahead, Snowflake expects first-quarter product revenue to grow 21-22% YoY to between $955 million and $960 million.
The company also announced an expanded partnership with Microsoft to integrate OpenAI's models directly into Snowflake Cortex AI, its fully managed AI service, on Microsoft Azure AI Foundry.
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