Snowflake soars 34% on earnings beat and $6 billion Amazon cloud deal
Data-cloud firm Snowflake jumped about 34% after beating quarterly estimates. The company plans to spend roughly $6 billion deepening its ties with Amazon Web Services and will adopt Amazon's Arm-based Graviton chips for its platform.
Snowflake's shares climbed about 34% after the company reported quarterly revenue that beat Wall Street estimates, marking one of its best trading days in years. Management said demand from enterprise customers for artificial-intelligence data workloads is rising quickly.
The company also said it would spend roughly $6 billion deepening its partnership with Amazon Web Services and adopt Amazon's Arm-based Graviton chips across its platform. According to CNBC, the move reflects Snowflake's drive to lower costs while handling surging data demand.
Analysts noted the deal could tie Snowflake more closely to a single cloud provider. This article is not investment advice; figures are based on company disclosures.
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