Snowflake Inc. shares jumped almost 30% in late trading after the software maker gave a stronger-than-expected annual outlook and signed a $6 billion multiyear agreement to use Amazon.com Inc.’s cloud services and chips.

Product revenue will increase about 31% to $5.84 billion in the fiscal year ending in January 2027, Snowflake said Wednesday in a statementBloomberg Terminal. That’s an increase from a previous outlook of $5.66 billion given in February and topped analysts’ average estimate of $5.68 billion. Product sales make up about 95% of the company’s total revenue.