Snowflake Stock Plunges After Company Names New CEO, Issues Disappointing Guidance
SNOWSnowflake(SNOW) Investopedia·2024-02-29 07:05

Key Takeaways Snowflake shares fell more than 20% in after-hours trading after the company named a new chief executive officer and issued revenue guidance that fell short of Wall Street expectations. The cloud data company appointed former Google executive Sridhar Ramaswamy to replace Frank Slootman as CEO. The company's fiscal 2024 fourth-quarter product revenue rose 33% to 738.1million,anditsnetlossnarrowedto738.1 million, and its net loss narrowed to 169.9 million, beating analysts' estimates. The forecast for 22% growth in product reven ...