For the better part of two years, the question trailing Snowflake into every earnings call was the same one: when does the growth come back? May 27 delivered an answer, and the answer arrived with enough force that analysts who had spent recent months quietly trimming their price targets found themselves writing upgrade notes faster than they had written the cuts.

Product revenue for the first quarter of fiscal 2027 reached $1.33 billion, up 34% from the prior year period and the largest sequential dollar increase the company has ever recorded in a single quarter. Total revenue came in at $1.39 billion, up 33% year over year.

Adjusted earnings per share landed at $0.39 against a Street consensus of $0.32. The beat on revenue against expectations stretched to roughly $69 million, a margin too wide to explain away with conservative guidance mechanics. Something real accelerated inside this business between February and April, and the market spent the following week trying to figure out exactly how durable that acceleration is.

CEO Sridhar Ramaswamy described the quarter as an inflection point. Given the numbers behind the statement, calling it that felt like an accurate description rather than executive optimism. Full-year product revenue guidance moved to $5.84 billion from $5.66 billion, implying 31% growth across the fiscal year.

Remaining performance obligations grew 38% year over year to reach $9.21 billion, a contracted backlog that tells you customers are not just spending more today but committing to spend more tomorrow.

What the Analyst Community Did Next

Goldman Sachs lifted its price target to $278 and raised full-year fiscal 2027 revenue estimates to $6.09 billion, applying a higher multiple justified by a reset growth trajectory. The bank moved fiscal 2028 and 2029 numbers proportionally upward, treating the quarter not as a one-time beat but as evidence that the growth curve has genuinely shifted.

Wedbush ...