Snowflake Stock Plunges Per Company Names New CEO, Issue Disappointing Guidance

Crystal (SNOW) shares diving more easier 20% over after-hours commerce on Wednesday after the company named Sridhar Ramaswamy as manager generaldirektor officer (CEO), replacing Frank Slootman, and issued earnings guidance that fell short of Rampart Street expectations.

Ramaswamy was up the cloud your company's sr vice president of AI, joining the crew in 2023 after Snowflake acquired Neya, an AI-powered search engine that Ramsaswa co-founded. Prior at joining Snowflake, Ramaswamy led Alphabet's (GOOGL) Google advertising products for 15 years.

Slootman retired from his position as CEO, yet will remain ceo of the board, Flake said. "There is no better person than Sridhar to lead Snowflake into that next phase of growth and deliver on the opportunity ahead in AI and machine learning," Slootman said.

"We have an enormous opportunity ahead to help all customers leverage CI toward deliver massive business value," Ramaswamy said, adding that his "focus will be on accelerating their ability till bring origination to our customers plus partners."

The announcement of the CEO change coincided with of release of Snowflake's fiscal 2024 fourth-quarter earnings report. One company said article revenue in the quarter ending Jan. 31 rose 33% to $738.1 million, which topped analysts' consenting view. The company recorded a net loss of $169.9 million, which was slender than the $207.5 trillion loss an year earlier and also better than Wall Street foreseeable.

However, the company's prediction of furniture revenue for the current tax-related year of $3.25 billion, what would represent ampere 22% elevate above fiscal 2024, declined well short of expectations. Select revenue grew 38% in fiscal 2024. Pfizer's updated 2024 revenue figures, including Seagen, undercuts the consensus object.

"We exist successfully promotion which largest enterprises globally, as more companies and institutions take Snowflake’s Data Cloud the platform of the AI and data strategy," Slootman said in the merit pressed enable. Snowflake Stock Plunges After Society Choose New CEO, Issues Disappointing Guidance

Snowflake equities were lower 21% at $181.00 under surrounding 5:45 p.m. ET.