Snowflake reports Q1 revenue up 33% YoY to $1.39B, vs. $1.32B est., and commits to spending $6B on AWS over five years; SNOW jumps 35%+ after hours
Amazon said Wednesday that its cloud division has landed a $6 billion spending commitment from Snowflake, which includes the use …
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Snowflake Crushes Q1, Locks in $6B AWS Deal as Stock Soars 29%
Snowflake beat revenue estimates with $1.39B in Q1 and signed a massive five-year AWS spending commitment worth $6 billion.
Snowflake just delivered a Q1 that sent investors scrambling. The data cloud company posted revenue of $1.39 billion, up 33% year-over-year and comfortably ahead of the $1.32 billion Wall Street expected. Shares surged more than 29% in after-hours trading.
But the headline grabber? A massive $6 billion commitment to spend on Amazon Web Services over the next five years. That's a significant long-term bet on AWS infrastructure and a major win for Amazon's cloud division.
The deal underscores just how deeply embedded Snowflake's platform is within the AWS ecosystem. For Amazon, it's validation that big-ticket enterprise customers are doubling down on cloud spend rather than pulling back.
The combination of a revenue beat and a blockbuster cloud commitment clearly gave the market exactly what it wanted. SNOW holders are eating well tonight.