Data warehousing expert Snowflake (NYSE: SNOW) reported earnings on Wednesday evening, crushing Wall Street's consensus estimates but setting up fairly modest guidance targets for the next reporting period. The company also took this opportunity to go all-in on artificial intelligence (AI).

In other words, Snowflake did exactly what it was supposed to do in the first quarter. Some investors acted surprised, and Snowflake's stock opened Thursday trading 15% below Wednesday's closing price. But the soft guidance simply followed the familiar pattern of setting up another lowball target while stomping all over the last one.

Here's what you need to know about Snowflake's report for the first quarter of the 2024 fiscal year. In a digital nutshell, Snowflake is doing business as usual despite a challenging economy, and the company is making a sharp turn into an explosive AI opportunity.

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Source Fool.com