Snowflake Snowflake (SNOW) just dropped its fiscal first-quarter earnings, and the numbers are turning heads. Revenue hit $1.39 billion, well above the $1.32 billion analysts were looking for, and adjusted earnings came in at $0.39 per share versus the $0.32 consensus. The stock responded accordingly, jumping about 33% in after-hours trading to around $233.

This wasn't just a beat—it was a statement. Total revenue grew 33% year-over-year, and product revenue—the core of Snowflake's business—rose 34% to $1.33 billion. The net revenue retention rate of 126% suggests existing customers are spending more, and the company added 616 new customers in the quarter, bringing the total to 779 customers with over $1 million in trailing 12-month product revenue. Remaining performance obligations, a key forward-looking metric, hit $9.21 billion, up 38% from a year ago.

CEO Sridhar Ramaswamy framed the quarter as a turning point. "AI continues to be a powerful tailwind for Snowflake, and Q1 marks a clear inflection point in that journey," he said. "With Cortex Code and Snowflake Intelligence, we are extending from the trusted foundation for enterprise data and context to become the control plane for the Agentic Enterprise." He added that the company is seeing strong momentum from both AI-driven acceleration of its core platform and growing adoption of its first-party AI products.

Looking ahead, Snowflake guided for second-quarter product revenue between $1.415 billion and $1.42 billion, representing about 30% year-over-year growth. The company expects an adjusted operating margin of 12.5% in Q2 and 13.5% for the full fiscal year.

But the earnings weren't the only news. Snowflake also announced a major expansion of its partnership with Amazon Web Services (AWS), committing $6 billion in infrastructure spending over multiple years to accelerate enterprise agentic AI adoption. And in a move that signals its AI ambitions, Snowflake signed a definitive agreement to acquire Natoma, an enterprise Model Context Protocol platform for AI agents. The acquisition is aimed at making it easier to securely connect and manage how AI systems interact with enterprise applications, databases, APIs, and tools.

Snowflake executives are set to discuss the quarter in more detail on an earnings call at 5 p.m. ET. But for now, the market is clearly buying the AI story—and then some.