Snowflake's shares surged 19 in after-hours trading on Wednesday following its fiscal third-quarter earnings report, which exceeded analyst expectations. Snowflake prioritizes cost-saving initiatives by creating more efficient teams and reducing management layers to speed up decision-making. The company has long competed with cloud providers like Amazon and Microsoft, but they also collaborate with the company for computing resources. Snowflake announced a multiyear partnership with AI startup Anthropic and a deal to acquire startup Datavolo.