Snowflake posted first-quarter fiscal 2027 product revenue of $1.33 billion, up 34% from a year earlier, while total revenue rose 33% to $1.39 billion.
The company said net revenue retention was 126% and it ended the quarter with 779 customers generating more than $1 million in trailing 12-month product revenue, up 29% year over year. That customer count increased by 46 in the quarter, compared with 26 additions in the same period last year. Snowflake also reported 813 Forbes Global 2000 customers.
Remaining performance obligations reached $9.21 billion, up 38% from a year ago.
On profitability and cash generation, product gross profit was $947.5 million, compared with product revenue of $1.33 billion. Operating loss was $326.2 million, while operating income on the company’s adjusted basis was $165.8 million. Net cash provided by operating activities was $243.2 million, free cash flow was $232.8 million, and adjusted free cash flow was $265.5 million.
Customer growth accelerated in the quarter, with Snowflake adding 616 net new customers, up 38% from a year earlier. The company said 13,600 accounts are now using Snowflake AI capabilities, accounts using Snowflake Intelligence more than doubled quarter over quarter, and Cortex Code is in use across more than 7,100 accounts.
Snowflake raised its full-year fiscal 2027 product revenue outlook to $5.84 billion from $5.66 billion, a lift of $180 million. That new target implies 31% year-over-year growth, versus the prior 27% growth outlook. It also increased its full-year operating margin forecast to 13.5% from 12.5%.
For the second quarter, Snowflake projected product revenue of $1.415 billion to $1.420 billion, which would be 30% growth from a year earlier. As a result of these announcements, the company's shares have moved -1.08% on the market, and are now trading at a price of $175.675. If you want to know more, read the company's complete 8-K report here.
