Posted 2/29/2024, 12:35:00 PM
Snowflake Shares Plunge on Disappointing Outlook and Leadership Change
- Snowflake reported Q4 earnings beat but weak revenue guidance for 2025, well below expectations
- CEO Frank Slootman is retiring, being replaced by former Google exec Sridhar Ramaswamy
- Ramaswamy acquired AI startup Neeva for Snowflake in 2023, will now serve as CEO
- Snowflake withdrew its $10B revenue target for 2029, seen as a "model reset" by analysts
- Snowflake stock plunged 22.5% on disappointing guidance, losing early 2024 gains