Snowflake shares jumped 22.78% in after-hours trading Wednesday to $375.50 after closing at $305.84, as the cloud data platform beat Wall Street estimates and raised its annual sales outlook on stronger AI-related adoption. Product revenue for the quarter ended in July rose 37% to $1.49 billion, above the $1.42 billion analyst average, while total revenue reached $1.55 billion, up 35% year over year. Adjusted earnings per share was 62 cents versus estimates of 45 cents. The company lifted its product revenue forecast for the year ending in January to about $6.07 billion from its May outlook, topping the $5.86 billion analyst average; product sales represent roughly 95% of total revenue. Remaining performance obligations were $9 billion, below the $9.37 billion consensus. More than 2,000 customer accounts began using its CoCo AI coding assistant in the quarter, lifting the total to 9,100. CEO Sridhar Ramaswamy said AI offerings including CoWork and CoCo are fueling adoption and platform consumption, while rival Databricks recently closed funding at a $190 billion valuation and reported a $7 billion revenue run-rate.