Snowflake reports stronger Q2 product revenue forecast driven by AI usage growth.
Snowflake, a cloud-based data analytics company, has reported stronger-than-expected Q2 product revenue forecast due to increased demand for its services, driven by a surge in AI usage. The company's Q1 revenue reached $828.7 million, a 33% YoY increase, with product revenue at $789.6 million, a 34% YoY increase. Snowflake plans to acquire technology assets and key employees from AI observability platform TruEra.
May 22, 2024
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