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Research Alert: Snow Beats Expectations In Q1, Lifts Fy 27 Guidance As Ai Momentum Continues

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

SNOW posted Q1 FY27 sales of $1.39B (+33% Y/Y), beating consensus $1.32B, with product revenue of $1.33B (+34%, accelerating from +30% in Q4). Non-GAAP EPS of $0.39 (+63%) exceeded Street expectations of $0.32, while operating margin of 11.9% surpassed 9% guidance. The company raised Q2 product revenue guidance to $1.415-1.420B (implying total revenue of about $1.49B vs. $1.44B consensus) and lifted FY27 product revenue guidance to $5.84B from $5.66B, with operating margin guidance increased to 13.5% from 12.5%. We find these results comforting amid recent software selling pressures, as SNOW continues positioning as a net beneficiary of rapidly improving AI capabilities. Growth metrics stabilized with NRR at 126% (+100 bps Q/Q, +200 bps Y/Y) and AI product accounts surging to 13,600 from 9,100 (+49% Q/Q). Strategic partnerships expanded with a $6B AWS agreement and deepened OpenAI collaboration. We expect margin outperformance to continue as costs remain below feared levels while revenue exceeds expectations.

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MRVL posted Apr-Q revenue growth of 28% to $2.418B, slightly ahead of consensus, with non-GAAP EPS of $0.80 beating the $0.79 consensus and up from $0.62 in the prior-year quarter. The Data Center segment remains the primary growth engine, generating $1.833B (+27% Y/Y, +11% Q/Q) and representing 76% of total revenue. We believe strength is coming from AI-related bookings across 800G/1.6T scale-out optics, 51.2T Ethernet switches, and custom XPU solutions. Guidance exceeds expectations with Jul-Q revenue of $2.700B (5%), implying approximately 35% Y/Y growth, a modest acceleration from the pace in Apr-Q. Non-GAAP gross margin of 58.9% compressed 90 bps as expected, reflecting the strategic shift toward lower-margin custom silicon solutions in the expanding AI infrastructure market. The recently completed Celestial AI and XConn acquisitions are now contributing to results and positioning MRVL to capitalize on emerging optical interconnect opportunities.

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