Snowflake delivered fourth-quarter earnings that beat Wall Street estimates, with revenue climbing 30% to $1.28 billion. The cloud data platform's adjusted earnings per share of $0.34 also exceeded analyst expectations of $0.27. Product revenue, which investors closely monitor, rose about 30% to $1.23 billion, surpassing estimates of $1.18 billion.

For fiscal year 2027, Snowflake projects product revenue of $5.66 billion, with first-quarter guidance of $1.26 billion to $1.27 billion. The company's consumption-based pricing model, where customers pay for storage and computing power used, continues to benefit from enterprise customers shifting workloads to the cloud and building artificial intelligence applications. This growth trajectory comes as Snowflake faces competition from Databricks, which recently raised $5 billion in funding.

To strengthen its AI capabilities, Snowflake has signed separate multi-year $200 million agreements with OpenAI and Anthropic to integrate their models into its platform. Despite the strong quarterly results, Snowflake shares declined 3% in extended trading on Wednesday. The company's performance reflects broader enterprise spending trends on cloud infrastructure and AI development, positioning Snowflake to capitalize on the ongoing digital transformation across industries.