Snowflake Inc. reported a 29% year-over-year increase in product revenue to $900.3 million for the fiscal third quarter, surpassing analyst expectations. The software company's shares surged by up to 19% in extended trading following the results and optimistic future guidance, forecasting product revenue between $906 million and $911 million for the next quarter. Despite a widening net loss of $324.3 million, Snowflake's focus on leveraging generative AI and expanding through acquisitions like Datavolo Inc. has been well-received by the market. The company's strategy to enhance its multi-cloud platform and expand AI applications aligns with its customer demand and retention efforts, as evidenced by a net revenue retention rate of 127%. Snowflake's annual product revenue forecast was increased to $3.43 billion, highlighting confidence in sustained demand and innovation in its data cloud services.