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Snowflake Inc

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business1 year ago

"Snowflake CEO's Departure Sparks Stock Selloff and AI Hype Reevaluation"

Frank Slootman, who recently stepped down as CEO of Snowflake Inc., has amassed a net worth of about $3.7 billion, surpassing tech leaders like Tim Cook and Satya Nadella. His departure alongside an underwhelming sales outlook caused Snowflake stock to plummet 18%, marking its worst day ever. Slootman, known for his tough leadership style, has sold shares at an average weighted price of about $268 over the last four years. His replacement, Sridhar Ramaswamy, a former executive at Google, is set to receive about $100 million in stock awards over the next five years in addition to a $750,000 annual salary.

via Yahoo Finance|
#business#ceo#net-worth
financestock-market1 year ago

"Snowflake's Stock Plunge: CEO Switch Sparks Worst Day Ever"

Snowflake Inc.'s stock plunges nearly 23% in premarket trading following the surprise announcement of CEO Frank Slootman's departure and disappointing fiscal 2025 guidance, potentially wiping out $17 billion from its market capitalization. Analysts express concerns about growth durability, management credibility, and the need for the new management team to prove their ability to reliably estimate and communicate growth expectations. Despite the challenges, some analysts see potential upside in new products and the leadership of the new CEO, Sridhar Ramaswamy, while others remain cautious due to valuation concerns and the company's shift away from externally managing its long-term targets.

via MarketWatch|
#ceo-change#financestock-market#guidance
business2 years ago

Snowflake's Strong Sales Growth and AI-Driven Demand Propel Revenue Above Estimates

Snowflake Inc., a software maker, has provided a product sales outlook for the current quarter that surpasses expectations, indicating a potential stabilization of revenue after a significant growth slowdown. The company expects product revenue to increase by approximately 30% to as much as $721 million, beating analysts' average estimate of $702.2 million. Snowflake's revenue expansion has decelerated due to companies scrutinizing their software spending, but the CEO attributes the positive outlook to a "broadly stabilizing macro environment" and increased demand for the company's software driven by artificial intelligence workflows. The company's stock rose about 7% in after-hours trading.

via Yahoo Finance|
#artificial-intelligence#business#data-strategy