Snowflake

Snowflake reported second quarter fiscal 2027 product revenue of $1.49 billion, up 37% year on year, with total revenue of $1.55 billion and remaining performance obligations of $9 billion. Customers spending over $1 million annually rose 27% to 828. The company raised its full-year product revenue forecast to $6.07 billion and lifted its operating margin target.

Buyer takeawayAccelerating consumption suggests customers are expanding AI and data workloads on Snowflake, which supports its long-term viability as a strategic platform choice.

Snowflake and LSEG announced an expanded five-year enterprise collaboration at Snowflake World Tour London. LSEG increases its use of the Snowflake AI Data Cloud across its data, analytics and risk businesses, while Snowflake will license LSEG World-Check for its own customer onboarding. Joint customers can combine licensed LSEG content with their own data for governed analytics and AI.

Buyer takeawayFinancial services firms on Snowflake get easier governed access to LSEG content for AI and analytics work without building separate data pipelines.

Snowflake priced an upsized private placement of $3.75 billion in convertible senior notes, one day after proposing a $3.5 billion offering. The raise follows a quarter of faster product revenue growth and gives the company additional capital for investment in its AI data platform and other corporate purposes.

Buyer takeawayThe added capital gives Snowflake more room to fund AI product development and acquisitions, which reduces near-term vendor viability concerns for large customers.