Snowflake Inc. (NYSE:SNOW) stock fell Thursday after the company posted third-quarter results and issued an underwhelming outlook, with product revenue growth slowing in the period.
In a separate release, Snowflake provided updates on its collaborations with Amazon.com, Inc.’s (NASDAQ:AMZN) Amazon Web Services and Accenture plc (NYSE:ACN), along with an expanded partnership with Anthropic.
The AI data cloud company delivered revenue of $1.21 billion, beating analyst estimates of $1.18 billion and adjusted earnings of 35 cents per share for the period, beating analyst estimates of 31 cents per share.
Also Read: Snowflake Positioned For Growth, Customers Highlight AI And Data Strengths
Snowflake expects fourth-quarter product revenue in the range of $1.195 billion to $1.20 billion (up around 27% year-over-year).
Accenture Deal
Snowflake boosted its partnership with Accenture to accelerate generative AI adoption and drive business results for clients like Caterpillar, Inc. (NYSE:CAT).
Through the newly formed Accenture Snowflake Business Group, the companies aim to help enterprises transform their business models using cloud, AI, and data, leveraging Accenture AI Refinery alongside Snowflake Intelligence and Snowflake Cortex AI innovations.
AWS Marketplace Transactions
Moreover, Snowflake disclosed a key milestone in its partnership with Amazon Web Services (AWS), doubling its AWS Marketplace transaction growth year-over-year to surpass $2 billion in annual sales.
Together with AWS, Snowflake is helping clients modernize data platforms and build AI-ready architectures with open standards and unified governance.
Anthropic Partnership
Also, Snowflake has penned a major expansion of its strategic partnership with AI research firm Anthropic through a multi-year, $200 million deal.
The deal will make Anthropic’s Claude models accessible on the Snowflake platform to over 12,600 global customers across all three major clouds.
It also establishes a joint global go-to-market initiative to deploy AI agents across large enterprises.
Additionally, Claude will power Snowflake’s enterprise intelligence agent, Snowflake Intelligence, enabling organizations to access all their knowledge through a single trusted agent that drives curiosity, exploration, and faster innovation.
SNOW Price Action: Snowflake shares were down 8.83% at $241.60 during premarket trading on Thursday, according to Benzinga Pro data.
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