Snowflake shares were down 20% for 2026 through Wednesday’s close
Credit: Joan Cros / NurPhoto / Getty Images Key Takeaways
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Snowflake shares soared in extended trading Wednesday after the company announced a partnership with Amazon and posted better-than-expected earnings and a stronger full-year outlook.
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The company’s stock at recent prices looked set to climb back into the green for 2026 and, perhaps, approach year-to-date highs.
Snowflake’s AI push looks poised to drive a comeback for its stock.
Shares of the cloud-based data platform provider were up over 35% in extended trading Wednesday, setting them well on their way to erasing their losses for the year. The stock, recently trading around $240, finished 2025 near $219 before slipping below $120 in April.
What happened: Snowflake (SNOW) late Wednesday said it struck a $6 billion AI deal with Amazon’s (AMZN) AWS to support its AI goals, and announced plans to acquire a platform for AI agents. The company also posted quarterly results that topped Wall Street’s estimates and raised its outlook, citing booming AI demand. (Amazon shares were little changed after gaining close to 3% in Wednesday’s regular session.)
Why This Matters to Investors
A flurry of deals and better-than-expected results could help Snowflake win back investors’ support after a rough start to the year.
Snowflake reported adjusted earnings per share of $0.39 on revenue that jumped 34% year-over-year to $1.39 billion, beating analysts’ estimates compiled by Visible Alpha. CEO Sridhar Ramaswamy in a press released called it a “milestone quarter” that “marks a clear inflection point.”
CFO Brian Robins said the company now expects full-year revenue of $5.84 billion, up from its previous guidance of $5.66 billion. “We are seeing strong momentum from both AI-driven acceleration of our core platform and growing adoption of our first-party AI products, positioning Snowflake to lead in this new era,” Ramaswamy said.
Analysts at Wedbush led by Dan Ives told clients the results showed “AI acting as a powerful tailwind for new and existing customers” and said its success could inspire more investor confidence in the broader software sector.
Shares of Snowflake, which lost about 1% in Wednesday’s regular session, were down about 20% for 2026 through Wednesday’s close.
An open at recent prices would leave Snowflake above Wall Street’s consensus expectation for the stock, which was around $222 according to Visible Alpha data.
UPDATE: This article has been updated after initial publication to include more-recent stock price information.
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