Posted 2/29/2024, 1:30:00 PM
Snowflake Shares Plunge on CEO Exit, Lower Forecasts
- Snowflake stock plunges nearly 23% in premarket trading following news of CEO departure and lower-than-expected 2025 guidance
- Stock could see worst single-day percentage drop ever if premarket losses hold through market close
- Analysts question growth outlook and management's credibility in setting forecasts after persistent steep deceleration
- New CEO brings technical/AI expertise but departing CEO had previously said he planned to stay
- Long-term $10B product revenue target for 2029 that provided stock "floor" is no longer externally managed