Snowflake shares jumped 12% on Thursday, climbing to their highest level since early last year after the data analytics company reported better-than-expected quarterly results.

Revenue in the fiscal first quarter of 2026 jumped 26% to $1.04 billion from $828.7 million a year earlier, and topped the $1.01 billion average LSEG estimate. It’s the first time the company, which went public in 2020, has recorded more than $1 billion in sales in a quarter.

Adjusted earnings per share of 24 cents exceeded the 21-cent average analyst estimate, according to LSEG. Snowflake reported a net loss of $430 million, a loss of $1.29 a share, widening from a loss of $317 million, or 95 cents a share, a year earlier.

Snowflake has been adding artificial intelligence services into its cloud-based data analytics platform, which the company said in its earning release late Wednesday has helped it reach 11,000 customers.

Analysts at Cantor highlighted the significance of two new $100 million deals that closed in the quarter after slipping from the prior period, noting that “churn concerns were abated.”

The firm reiterated its buy recommendation on the stock, writing that it has “confidence Snowflake should continue to execute on a beat-and-raise strategy as the year progresses and continue to show leverage in the model.”

With Thursday’s rally, Snowflake shares are up 29% for the year, while the Nasdaq is down close to 2%.