Snowflake CFO Defends Strategy, Attacks Google Amid Stock Rout
- Software company expects $97 million hit from product changes
- Stock drops 27% while executives point to long-range potential
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Snowflake Inc.’s finance chief defended enhancements to the software company’s products that are estimated to cost $97 million in lost revenue this year amid a plunge in the share price since the disclosure.
While Snowflake, which helps customers store and analyze corporate data, has made product changes in the past that reduced customers’ bills, the improvements announced with fiscal fourth-quarter earnings on March 2 have had the most significant impact.