From NBC Universal:

Frank Slootman, CEO of Snowflake, retired and will be replaced by former Google ad chief Sridhar Ramaswamy. Slootman, who led Snowflake to a successful IPO in 2020, will remain as chairman of the board. Ramaswamy joined Snowflake after Neeva, a company he co-founded, was acquired by Snowflake for $185 million. Snowflake’s Q4 sales increased by 32% year over year, reaching $774.7 million, with product revenue at $738.1 million. Operating losses for the same quarter were $275.5 million. In the first quarter, Snowflake expects product revenue to be between $745 million and $750 million, with an adjusted operating margin of 3% which beats analysts’ estimates of 7.2%. Slootman’s compensation in 2023 totaled $23.7 million, mostly from stock and option awards, with a stake worth approximately $2.4 billion. Snowflake’s market cap was $75 billion prior to a 24% plunge in after-hours trading.— CNBC’s Jennifer Elias and Jordan Novet contributed to this report.



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