Snowflake shares drop 19% on CEO's retirement, weak guidance
SNOWSnowflake(SNOW) CNBC·2024-03-01 00:06

Shares of Snowflake dropped 19% in Thursday morning trading, a day after the cloud software company announced that billionaire CEO Frank Slootman will retire and be replaced by Sridhar Ramaswamy, former Google ad chief. Slootman will remain chairman of the board. The company also reported fourth-quarter earnings results and a weaker-than-expected first-quarter outlook on Wednesday. Snowflake said its first-quarter product revenue will total between 745millionand745 million and 750 million, compared to analysts' estima ...