Snowflake shares surge 36% after-hours on $6 billion Amazon infrastructure deal and Natoma acquisition

Snowflake announced a $6 billion multi-year infrastructure commitment to Amazon Web Services and acquired Natoma, an enterprise Model Context Protocol (MCP) platform for AI agents. MCP, introduced by Anthropic, helps securely connect AI models to data sources and tools.

Q1 revenue reached $1.39 billion, representing 33% year-over-year growth and beating analyst expectations of $1.32 billion. Product revenue was $1.33 billion, up 34% year-over-year. Earnings per share came in at $0.39, exceeding expectations of $0.32 per share.

The company raised full-year product revenue guidance to $5.8 billion from previous guidance of $5.7 billion. Q2 product revenue is expected at $1.42 billion, representing 30% growth from the same quarter last year.