Snowflake's Q3 Results Disappoint Investors Despite $200M Deal with Anthropic

Snowflake reported Q3 earnings that beat expectations, with non-GAAP EPS of $0.35 and sales of $1.21 billion. The company also announced a $200 million deal with Anthropic, expanding their AI partnership. However, investors sold out of the stock, with the price down 11.4% despite strong growth in product revenue, which increased 29% YoY to $1.16 billion. The company's GAAP operating loss and heavy sales and marketing expenses were also a concern for investors.