In the early morning of May 28, the cloud-based data platform Snowlake (NASDAQ: SNOW) achieved one of the most remarkable stock market turnarounds of 2026, as its shares rallied 38% during the extended session.
Not only did the move raise the equity from its latest closing price of $175.26 to $242.05 at press time, but it also effectively erased the equity’s entire year-to-date (YTD) loss in a matter of hours.
Indeed, SNOW stock was down 19.13% in 2026, having started the year at $216.72 and closed on May 27 at $175.26, but is, on Thursday morning, $24.34 – 11.69% – above where it stood in the year’s first regular session.
Why Snowflake stock just soared 38% in less than a day
The staggering extended-session rally was driven primarily by Snowflake’s latest earnings, which showed strong performance in revenue, earnings per share (EPS), and year-over-year (YoY) growth, and also gave investors significant reasons for optimism.
To begin with, the company’s sales amounted to $1.39 billion for a 33% YoY growth, with a net revenue retention rate coming in at a remarkable 126%. EPS showed the same rise as it came in at $0.33 against an expected $0.32.
Furthermore, Snowflake highlighted the increase in its customer base with a net rise of 616, with as many as 13 new Forbes Global 2000 customers. The firm also emphasized the growth of its AI capabilities adoption, noting it had doubled quarter-over-quarter.
Looking ahead, an expansion of the AWS partnership with Amazon (NASDAQ: AMZN) to the tune of a $6 billion five-year commitment drew particular attention and generated substantial optimism.
It is possible the same can be said about the reported deepening of ‘its partnership with OpenAI to deliver advanced AI capabilities through co-innovation and joint go-to-market efforts.’
Lastly, Snowflake called for a 12.5% adjustment of its operating margin for the second fiscal quarter to $1.420 billion in product revenue – above the 11.9% forecast – and revealed it was acquiring the artificial intelligence (AI) startup Natoma, though the sum remained undisclosed.
Featured image via Shutterstock
