Snowflake CEO Sridhar Ramaswamy Talks Earnings, AI Demand
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What is the main topic discussed in this episode?
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Snowflake. Another of the tech names that released earnings yesterday after the bell. And as investors look for signs of AI adoption or disruption, its forecast product revenue for the current quarter will be about $1.26 billion. That's up 27%. They reported more than 9,000 accounts using Snowflake AI features. Shares, as you can see, up 3.7%. Let's bring in Snowflake CEO, Sridhar Ramaswamy. Sridhar, I'm reading notes, Mizuho saying bookings were a standout. They're talking about the seven nine-figure deals that have come. Where are those deals coming from? What are those customers demanding of you?
Great to see you, Caroline. Yes, we had seven nine-figure deals, including a mammoth $400 million deal. It reflects the confidence that our customers have both in where Snowflake is right now, but importantly, where we are going. We all understand that software is being disrupted by AI in a very, very big way. But what our customers understand is that for enterprise AI to truly succeed, they need a single source of enterprise truth. They need built-in security, auditability, trust, and access. Of course, you also need the best models. That's what Snowflakes provides for them. And we're creating great products, products like Snowflake Intelligence that put the power of data into the hands of every business user.
Whoop, the health company, loves using us. And there are lots of partners that are using products like Cortex Code to speed up what can be done with Snowflake. They're really looking to the future and making sure that we can deliver value with Snowflake, and we are creating the products that help them deliver that kind of value day in and day out. That's why you're seeing companies, as I said, make commitments of $400-plus million with Snowflake.
I'm really interested in Codex Code was something that was talked a lot about on the call and people are adopting swiftly. But that partnership model that you have, the fact that you have integrations with Anthropic, OpenAI, also Google Cloud, but some of these have very good coding tools of their own. How do you see this ecosystem evolving? Because customers get it, but the investor base have been questioning whether they'll take away your market share.
What is Snowflake's fiscal forecast for 2027?
Yes.
Well, so there are a lot of things that are specific to Snowflake and to data. Absolutely, there are coding agents that are often provided by the model companies themselves. But we know a lot about how data systems are supposed to work, about how Snowflake is supposed to work. And Cortex Code is super tightly integrated with the customer's Snowflake account. Data does not go anywhere. And remember, we have earned the trust of all of these customers with certifications, with the guarantee around things like AIUs. We never use customer data for things like training models. They get the superior models that we get through partnerships with these folks, but we also add the secret sauce of data of how Snowflake works into products like Cortex Code.
And we are seeing amazing wins both internally and also externally. One of our partners told us that having Cortex Code was like Snowflake supplying them with bulldozers where previously they had shovels.
Trudeau, one of the core pillars for you to grow is to go out and find new customers. And I wondered if you just give some detail on what's happening in the world of technology in AI that would bring a customer to Snowflake for the first time. What is it that they need that they didn't before?
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–2:47
2
What is Snowflake's fiscal forecast for 2027?
2:47–5:58
3
What major deals has Snowflake secured recently?
5:58–7:13
4
How is AI impacting Snowflake's product offerings?
7:13–7:57
5
What do customers need for successful enterprise AI?
7:57–8:17
Speakers
5 identifiedMore from Bloomberg Talks
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