Snowflake raises its annual sales guidance, with adoption of its AI assistants driving its share price to surge 21%

According to BIT (bit.com) market data, Snowflake (SNOW.N) raised its full-year sales forecast after releasing quarterly results, noting accelerating adoption of its AI-assisted coding tool CoCo, which pushed the company’s post-market share price up more than 21%. Snowflake projects product revenue of approximately $6.07 billion for its fiscal year ending next January, an upward revision from its May forecast and above the analyst consensus of $5.86 billion. Product sales account for roughly 95% of the company’s total revenue. The firm added over 2,000 new CoCo user accounts in the quarter, bringing total adoption to 9,100 accounts. Snowflake is a software company that helps enterprises organize and analyze data in the cloud, and is integrating AI capabilities into its platform. For the quarter ended July, Snowflake’s product revenue rose 37% year-over-year to $1.49 billion, beating analyst expectations of $1.42 billion; its remaining performance obligations (a metric measuring future order volume) stood at $9 billion, below the average analyst forecast of $9.37 billion.