Snowflake Shares Surge On Q3 Beat, Collaborates With Amazon And Microsoft While Competing In The Cloud Market

Benzinga

Snowflake's shares surged 19% in after-hours trading on Wednesday following its fiscal third-quarter earnings report, which exceeded analyst expectations. Snowflake prioritizes cost-saving initiatives by creating more efficient teams and reducing management layers to speed up decision-making. The company has long competed with cloud providers like Amazon and Microsoft, but they also collaborate with the company for computing resources. Snowflake announced a multiyear partnership with AI startup Anthropic and a deal to acquire startup Datavolo.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Snowflake's shares have surged 19% in after-hours trading on Wednesday,

00:06following its fiscal third-quarter earnings report, which exceeded analysts' expectations.

00:10Snowflake is prioritizing cost-saving initiatives by creating more effective teams

00:15and reducing management layers to speed up decision-making.

00:18The company has long competed with cloud servers like Amazon and Microsoft,

00:22but they also collaborate with the company for computing resources.

00:26Snowflake announced a multi-year partnership with AI startup Anthropic

00:30and also a deal to acquire the startup DataVilla.

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