Snowflake Q4 results top estimates; CEO retires

Investing.com -- Snowflake (NYSE: SNOW) reported Wednesday better-than-expected fourth-quarter results and the data company announced that chief executive officer Frank Slootman had decided to retire and would be succeeded by Sridhar Ramaswamy.

Ramaswamy had been spearheading Snowflake’s AI strategy since joining the company in May 2023.

For the three months ended Jan. 31, Snowflake adjusted earnings of $0.35 per diluted share, up from $0.14 a year earlier, on revenue of $774.7M, up from $589.0M a year earlier. That topped analyst estimates of $0.18 on revenue of $760.6M.

Looking ahead, the company guided Q1 product revenue of $745M to $750M and full-year revenue of $3.25B.

You May Also Be Interested In

• AI-powered cyber threats light a fire under cybersecurity stocks
• BofA names Meta a top AI pick, raises price target on stronger ad growth
• AI chip sell-off is ‘unmoored from fundamentals,’ LYNX says