:Data cloud analytics firm Snowflake raised its forecast for full-year product revenue on Wednesday, as it attracts more clients to its cloud platform owing to advancements in artificial intelligence.
The company now expects product revenue of $3.36 billion for fiscal 2025, compared with its prior forecast of $3.30 billion.
Snowflake has seen a rise in demand for its Data Cloud platform as AI integration has helped enterprises streamline their data quickly and efficiently.
The company reported second-quarter product revenue of $829.3 million, beating estimates of $808.4 million, according to LSEG data.
Snowflake has been actively pursuing AI by creating its own large language model called Snowflake Arctic, and partnering with Facebook-parent Meta to use its Llama models and boost the appeal of its cloud platform.
The company also authorized an additional $2.5 billion under its share buyback program through March 2027.
Shares of the company fell 5 per cent in extended trading.
