Snowflake Stock Plunges 20% as CEO Frank Slootman Retires
TL;DR Summary
Snowflake's shares plummeted 20% following the announcement of CEO Frank Slootman's retirement and the release of weaker-than-expected earnings and first-quarter guidance. The company's fourth-quarter results and lower-than-anticipated first-quarter outlook led to Morgan Stanley downgrading its stock rating, while analysts at Macquarie Equity Research upgraded the stock, citing confidence in the new CEO, Sridhar Ramaswamy, and the company's emphasis on AI/ML. Ramaswamy, a former Google executive, will replace Slootman, who will remain chairman of the board.
- Snowflake shares drop 20% on CEO's retirement, weak guidance CNBC
- Snowflake's Frank Slootman to Retire From CEO Role, Will Remain Board Chair Yahoo Finance
- Snowflake’s stock plunges after earnings, with CEO switch a ‘massive surprise’ MarketWatch
- News updates from February 28: Bitcoin breaks through $60,000; US GDP growth revised down Financial Times
- Snowflake's Frank Slootman exits, stock drops more than 20% Business Insider
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