Snowflake Inc. reported its fourth-quarter financial results, surpassing Wall Street's expectations with earnings per share (EPS) of $0.35 and revenue of $774.7 million, against the anticipated $0.18 EPS and $759.6 million revenue. Despite these strong results, Snowflake's stock experienced a significant drop, plunging over 25% in after-hours trading, following the announcement of 65-year-old CEO Frank Slootman's retirement and the appointment of Sridhar Ramaswamy as the new CEO. The company provided a lower-than-expected revenue forecast for Q1, estimating between $745 million and $750 million, compared to the expected $769.5 million. This guidance and the leadership change have contributed to the stock's decline. Slootman, who will continue as Chairman of the Board, is succeeded by Ramaswamy, a former Senior Vice President of AI at Snowflake and a long-time Google executive.
⚠️ SNOWFLAKE SHARES SINK ON WEAK FORECAST, SURPRISE CEO RETIREMENT (Reuters) Snowflake shares slid 23% on Thursday after the cloud data storage services provider projected annual revenue below Wall Street estimates and disclosed a surprise retirement of long-time CEO Frank… https://t.co/9KSQNgSyBk
⚠️JUST IN: *SNOWFLAKE PLUNGES 20% AFTER WEAK GUIDANCE, CEO FRANK SLOOTMAN TO RETIRE $SNOW https://t.co/TDjcFxUkw8
⚠️JUST IN: *SNOWFLAKE PLUNGES 20% AFTER WEAK GUIDANCE, CEO FRANK SLOOTMAN TO RETIRE https://t.co/TDjcFxUkw8
$SNOW Morgan Stanley downgrades Snowflake following fourth quarter results Morgan Stanley thinks Snowflake’s mixed fourth-quarter results coupled with the departure of chief executive Frank Slootman is ample reason to move to the sidelines. The bank downgraded the cloud stock…
$SNOW Snowflake also released fourth-quarter financial results. Sales increased 32% year over year to $774.7 million during the period. Operating losses for the fourth quarter were $275.5 million, up from $239.8 million during the fourth quarter of the previous year.
Another Indian CEO rises on global stage! Who is Sridhar Ramaswamy, the new CEO of Snowflake? Profile https://t.co/M5m9YHrLwG
Snowflake's Frank Slootman vehemently denied a BI report in June that he may be leaving. Now he's gone and the stock is down 20%. https://t.co/FiHXCCLZCG
IIT Madras alumnus Sridhar Ramaswamy, who has been named as CEO of Snowflake, joins a growing list of global CEOs of Indian origin. Are there more CEOs we missed?🤔 Add your names in the comments section🙏 #IIT #IITMadras #SridharRamaswamy #Snowflake https://t.co/toZMjigdZ0
Snowflake says Frank Slootman is retiring as CEO; stock plunges 20% $SNOW https://t.co/ZbaMqRvicM
IIT Madras alumnus Sridhar Ramaswamy is the new CEO of Snowflake #Throwback to an interview we did with him a few years ago on Neeva @RamaswmySridhar https://t.co/30Mz2NmxDY via @moneycontrolcom
Snowflake is down 20% after news that Frank Slootman is retiring. So apparently Frank Slootman is worth about $15b. https://t.co/Kvf85lcSSc
$SNOW: a situation to start following: Snowflake reported fourth qtr earnings and revenue that beat Wall Street targets. Revenue guidance for fiscal 2025 came in well below expectations. Snowflake stock plunged (20%) as the company announced its CEO, Frank Slootman, will retire
Frank Slootman retires => Snowflake stock down 20% We should all aspire to create that much impact on the teams we're part of. https://t.co/xPfIKUgLhb
Snowflake’s stock tumbles as CEO Frank Slootman announces he’s stepping down https://t.co/R2oJ8L7Qee
Live news: Snowflake shares plunge more than 20% on CEO switch and weak outlook https://t.co/vEdlMBr0a9
Snowflake Shares Plummet Over 20% After Billionaire CEO Frank Slootman Announces Retirement https://t.co/R8JDXRf4Ta https://t.co/2h5LnWWzD8
"Effective February 27, 2024, Frank Slootman retired as Chief Executive Officer of Snowflake Inc." What does Frank know? I'd like to think he of all people understands abrupt succession tends to freak out investors. Certainly adds an interesting wrinkle to his sizable 10b5-1. https://t.co/0aXgtqLgSB
Snowflake CEO Frank Slootman stepping down — and Wall St hates it: https://t.co/1SQ1ZWLGCu by TechCrunch #infosec #cybersecurity #technology #news
Snowflake CEO Frank Slootman stepping down — and Wall St hates it https://t.co/V6H9LNdgKP
NEW: Frank Slootman, long known as software's toughest CEO, is stepping down. Big shoes to fill. $snow https://t.co/YfbIPSvrUv
Congratulations to @RamaswmySridhar and outgoing CEO Frank Slootman after an amazing run. There is no better person to run $SNOW now -- technical pioneer, deep understanding of data infrastructure/AI, and proven ambitious, disciplined leadership in $100B+ revenue business. https://t.co/AcAh4kEkLc
Frank Slootman will retire as CEO of Snowflake He’ll be succeeded by former longtime Google executive Sridhar Ramaswamy. Snowflake stock dropped 23% in after-hours trading. Ramaswamy joined Snowflake as part of the company’s acquisition of Neeva https://t.co/Wm4sfJACHh
$SNOW Snowflake Q4 FY24: Frank Slootman (65) is retiring. New CEO: Sridhar Ramaswamy. • Customers +22% Y/Y to 9,437. • Customers > $1M +39% Y/Y to 461. • NRR 131% (-4pp Q/Q). • Revenue +32% Y/Y to $775M ($14M beat). • Non-GAAP EPS $0.35 ($0.17 beat). • FY25 Product… https://t.co/S3q05IgOlF
Snowflake says that CEO Frank Slootman is retiring, and reports Q4 revenue up 32% YoY to $774.7M and Q1 product revenue guidance below est.; SNOW drops 23%+ (@jonathanvanian / CNBC) https://t.co/pPsqAOpOnd 📫 Subscribe: https://t.co/OyWeKSQRTe https://t.co/uJGf4L8JAI
Snowflake stock dropping 23% on news of Frank Slootman's retirement is the real life version of the 'There he is, that is Dad' moment in succession https://t.co/BCGxgZzzn3
$SNOW Snowflake beats but outlook disappoints and Frank Slootman retires as CEO effective immediately. He is replaced by Sridhar Ramaswamy, who previously held the position of Senior Vice President of AI at Snowflake. https://t.co/KEKJepNe1V
Snowflake’s stock plunges as outlook misses and CEO steps down https://t.co/HoQeTjm5yq
$SNOW Frank Slootman to retire. -22% AH https://t.co/aBHy7DtuKh
Snowflake says Frank Slootman is retiring as CEO; stock plunges 20% https://t.co/YuJOvbHvA6
Snowflake CEO Frank Slootman is retiring, with Senior Vice President of AI Sridhar Ramaswamy taking over the role. https://t.co/fWMv0BSxzK
$SNOW (-25% after-hours) Gets bloodied after guiding down and changing up CEOs Snowflake Sees Q1 Rev: $745M - $750M vs $769.5M Snowflake Names Sridhar Ramaswamy CEO https://t.co/WtKwdONrZV
Congratulations to Snowflake CEO Frank Slootman for using the stock as a cash cow, then dump it on investors and retire. Fucking legend! $SNOW https://t.co/UnFaRw2EWe
$SNOW Named Sridhar Ramaswamy as new CEO, effective immediately that is not good
SNOWFLAKE $SNOW JUST ANNOUNCED ITS CEO IS LEAVING Snowflake just announced Frank Slootman has retired as CEO of Snowflake to be replaced by Sridhar Ramaswamy Frank Slootman will continue to serve as Chairman of the Board https://t.co/TCrVWTYVq9
Sridhar Ramaswamy is Snowflake's new CEO. Frank Slootman remains chairman https://t.co/1lxpY0oJlk
$SNOW | Snowflake Q4 Earnings: - EPS $0.35 (Est. $0.18) 🟢 - Sales $774.70M (Est. $759.10M) 🟢 https://t.co/RsqPW40BVq
$SNOW Appoints Sridhar Ramaswamy as CEO
An exciting day today as we announce @RamaswmySridhar as the new CEO of Snowflake! Sridhar is a visionary technologist with great business insights who will lead Snowflake to deliver on the huge opportunity ahead in AI and ML. https://t.co/N3YcFlmC4R
SNOWFLAKE $SNOW JUST REPORTED EARNINGS EPS of $0.35 beating expectations of $0.18 Revenue of $774.7M beating expectations of $759.6M
$SNOW Snowflake will report earnings. Analysts estimate $759.10M in revenue (+28.88% YoY) and $0.18 in earnings per share (+28.57% YoY) https://t.co/bnI23vFvwe
$SNOW Snowflake $SNOW will report earnings. Analysts estimate $759.10M in revenue (+28.88% YoY) and $0.18 in earnings per share (+28.57% YoY). https://t.co/hklOCqle3g
Snowflake $SNOW reports earnings today after the markets close, Wall ST is expecting numbers of EPS of $0.18 up 28.6% YoY Revenue of $760.2M up 29.1% YoY