Snowflake's Frank Slootman to Retire From CEO Role, Will Remain Board Chair
- Google ad veteran Ramaswamy is taking the helm from Slootman
- Product revenue forecast falls well short of projections
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Snowflake Inc. suffered its worst stock decline ever after the software maker delivered a disappointing sales forecast and announced that Chief Executive Officer Frank Slootman is stepping down from the role.
Product revenue — a closely watched measure — will be $745 million to $750 million in the first quarter, Snowflake said in a statement Wednesday. Analysts had predicted $769.5 million on average, according to data compiled by Bloomberg. A full-year forecast also fell well short of projections.