Snowflake's shares surged more than 28% on Thursday after the data analytics provider raised its annual product revenue forecast, signaling growing demand for cloud-based data storage and analytics.

Snowflake's shares surge higher on blowout earnings, a promising acquisition and new AI partnership - SiliconANGLE

Snowflake reports third-quarter revenue of $942.09 million, beating the consensus estimate of $896.99 million.

Data analytics provider Snowflake on Wednesday raised its annual product revenue forecast and said it has teamed up with AI firm Anthropic to build up its cloud services, sending its shares surging around 19% in extended trading.