Snowflake hit with lawsuit amid AI push
Snowflake reported heavy AI momentum in FY2026 — touting 430+ new AI features and rising product revenue — and on Mar 17 a securities class action was filed alleging disclosure issues tied to June 2023–Feb 2024. The new lawsuit layers legal risk onto an otherwise aggressive product growth narrative. (finance.yahoo.com) (globenewswire.com)
Snowflake closed fiscal 2026 with $4.68 billion in revenue and remaining performance obligations of $9.77 billion as of the fiscal year ended January 31, 2026. ((snowflake.com)) The company reported $1.28 billion in fourth-quarter revenue and $1.23 billion in Q4 product revenue, with a net revenue retention rate of 125% reported for the period. ((snowflake.com)) Snowflake said 733 customers had trailing 12-month product revenue greater than $1 million and the company added 740 net new customers in the trailing year. ((snowflake.com)) Snowflake reported 9,100 accounts were using its Snowflake AI features by the fourth quarter, signaling active adoption of its AI tooling across its customer base. ((finance.yahoo.com)) The securities class action filed March 17, 2026 was brought by a shareholder and alleges defendants made misrepresentations about customer usage of, and new developments for, Snowflake’s products. ((gurufocus.com)) Bernstein Liebhard LLP — which says it has recovered over $3.5 billion for clients since 1993 — noted in its filing notice that papers to seek appointment as lead plaintiff must be filed by April 27, 2026. ((gurufocus.com)) Sridhar Ramaswamy, who joined Snowflake from Google and took the CEO role in early 2024, completed his first full fiscal year at the company with the FY2026 results. ((fortune.com))
