Snowflake exceeded sales and earnings expectations for fiscal Q3, reporting non-GAAP earnings per share of $0.35 on sales of $1.21 billion. The company also secured a new $200 million deal with Anthropic. Despite this, the stock fell 11.4% due to concerns about operating losses, reliance on stock-based compensation, and conservative forward guidance. Snowflake reached its $100 million AI revenue run rate target early, with product revenue increasing 29% year over year to $1.16 billion. However, heavy operating losses and reliance on stock-based compensation led to investor sell-offs.

Read more at Nasdaq: Snowflake Announced a $200 Million Deal With Anthropic, but It Wasn’t Enough for Investors. Here’s Why.