Snowflake, Inc. SNOW, a leader in the cloud data warehouse sector, posted second-quarter beats on the top and bottom lines while raising its full-year product revenue forecast on Thursday.
“The Best AI Data Platform”
Snowflake CEO Sridhar Ramaswamy took an assertive stance in its latest second-quarter earnings call:
“Snowflake is the best AI data platform that there is. And this is widely recognized by many of our customers and new customers and we stand out in that respect,” he said.
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Ramaswamy’s bold statement was backed by a record-setting financial performance and a flurry of customer and product milestones that demonstrate the company’s expanding reach in the enterprise AI market.
Revenue for the quarter rose 32% year-over-year to $1.09 billion, fueled by a wave of innovation and customer adoption.
The CEO revealed on the call that over 6,100 accounts now use Snowflake’s AI features every week and nearly half of the new customers cited AI as a major motivator.
“We were very deliberate about how we brought AI to Snowflake. We wanted it to feel natural, to be a natural extension of how people access data. … What has led to the broad adoption, to be honest, without us investing in a massive sales play,” Ramaswamy said.
The Future Of Snowflake
The CEO highlighted Snowflake Intelligence, now in public preview, as the company’s next step in enterprise AI. The platform will allow users to “talk” to their data using natural language to create actionable insights and intelligent agents.
Ramaswamy painted a bright future for Snowflake in terms of customer growth as AI use cases expand.
“I think there is honestly years of work ahead in terms of the value that we can get from AI. The models have advanced so much that I think just effectively using them in all of the workflows that matter to enterprises is going to create enormous value for all of us,” he said.
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