ToplineCloud computing company Snowflake’s stock tanked more than 20% in after-hours trading Wednesday after the company announced billionaire CEO Frank Slootman is retiring.Slootman joined Snowflake in 2019.Christie Hemm Klok/The Forbes Collection Key FactsSnowflake’s stock closed down nearly 2% on Wednesday at $230, later plunging as much as 24% in after-hours trading to around $173. Slootman, who has been with the company for nearly five years and was instrumental in its historic IPO, will continue as t ...

Snowflake Inc. (SNOW) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 105.88%. A quarter ago, it was expected that this company would post earnings of $0.15 per share when it actually produced earnings of $0.25, delivering a surprise of 66.67%.Over the last four quarters, the company ...

SNOWFLAKE INVESTOR PRESENTATION Fourth Quarter Fiscal 2024 © 2024 Snowflake Inc. All Rights Reserved Statement Regarding Use of Non-GAAP Financial Measures Thispresentationincludescertainnon-GAAPfinancialmeasures,whichhavenotbeenpreparedinaccordancewithgenerallyacceptedaccountingprinciplesintheUnitedStates(GAAP).Thesenon-GAAPfinancial measuresareinadditionto,andnotasasubstitutefor,orsuperiorto,financialmeasurescalculatedinaccordancewithGAAP.Thereareanumberoflimitationsrelatedtotheuseofthesenon-GAAPfinancial ...

Key TakeawaysSnowflake shares fell more than 20% in after-hours trading after the company named a new chief executive officer and issued revenue guidance that fell short of Wall Street expectations. The cloud data company appointed former Google executive Sridhar Ramaswamy to replace Frank Slootman as CEO.The company's fiscal 2024 fourth-quarter product revenue rose 33% to $738.1 million, and its net loss narrowed to $169.9 million, beating analysts' estimates.The forecast for 22% growth in product revenue ...

Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO, Sept. 16th, 2020.Snowflake said Wednesday that CEO Frank Slootman is retiring, and will be replaced by former Google ad chief Sridhar Ramaswamy. The shares plunged 20% in extended trading.Ramaswamy spent 15 years at Google, most recently leading Ads and Commerce until 2018. He then left to co-found Neeva in 2019, a consumer search engine he hoped to rival Google until last year, when he announced he was shutting it down. Snowflake acquired Neeva ...

Snowflake, Inc SNOW was trading near flat on Wednesday, as the company headed into its fourth-quarter earnings print after the market close.When Snowflake printed its third-quarter results on Nov. 29, the stock was volatile the following day but closed the session up about 7% before continuing in its uptrend, which brought Snowflake to a high of $237.72 on Feb. 12.For that quarter, Snowflake reported revenue of $734.17 million, which slightly beat the $712.78-million consensus estimate. The company reported ...

It’s safe to say that there are certain gems on the stock market that shine brighter than others. They defy conventional wisdom and rewrite the rules of success. Still, which stock is that diamond in the rough right now? Well, as things stand in late February 2024, the stock we’re all looking for is Snowflake (NYSE: SNOW), a company that has positioned itself at the intersection of two unstoppable secular trends—cloud migration and the rise of artificial intelligence (AI).About Snowflake (NYSE: SNOW)Snowfla ...

Revenue Growth and Performance - Product revenue for Q4 fiscal 2024 was $738.1 million, representing 33% year-over-year growth[1][2] - Full-year fiscal 2024 product revenue was $2.67 billion, a 38% year-over-year increase[3] - Revenue for the three months ended January 31, 2024, was $774.7 million, a 32% year-over-year increase from $589.0 million in the same period last year[26] - Year-over-year revenue growth for the twelve months ended January 31, 2024, was 36%, reaching $2.81 billion, compared to $2.07 billion in the previous year[32] - Full-year fiscal 2025 product revenue guidance is $3.25 billion, representing 22% year-over-year growth[7] - Q1 fiscal 2025 product revenue guidance is $745-$750 million, representing 26-27% year-over-year growth[8] Customer Metrics - The company has 461 customers with trailing 12-month product revenue greater than $1 million, a 39% year-over-year increase[1][2] - The company has 691 Forbes Global 2000 customers, an 8% year-over-year increase[1][2] - Snowflake's Data Cloud is used by 691 of the 2023 Forbes Global 2000 companies as of January 31, 2024[24] Financial Obligations and Cash Flow - Remaining performance obligations were $5.2 billion, representing 41% year-over-year growth[1][2] - Remaining Performance Obligations (RPO) represent contracted future revenue not yet recognized, including deferred revenue and non-cancelable contracted amounts, but exclude on-demand arrangements and certain time and materials contracts[20] - Net cash provided by operating activities for Q4 fiscal 2024 was $344.6 million, a 59% year-over-year increase[2] - Non-GAAP adjusted free cash flow for fiscal 2024 was $810 million, up 56% year-over-year[3] - Cash and cash equivalents increased to $1.76 billion as of January 31, 2024, compared to $939.9 million as of January 31, 2023[27] - Deferred revenue, current, increased to $2.20 billion as of January 31, 2024, up from $1.67 billion as of January 31, 2023[27] - Net cash provided by operating activities for the three months ended January 31, 2024, was $344.6 million, up from $217.3 million in the same period last year[29] Profitability and Margins - GAAP cost of revenue for the quarter was $241.8 million, representing 31% of revenue, while non-GAAP cost of revenue was $196.1 million, representing 25% of revenue[35] - GAAP gross profit for the quarter was $532.9 million, representing 69% of revenue, while non-GAAP gross profit was $578.6 million, representing 75% of revenue[38] - GAAP operating loss for the quarter was $275.5 million, representing 36% of revenue, while non-GAAP operating income was $71.0 million, representing 9% of revenue[40] - GAAP net loss for the quarter was $169.9 million, representing 22% of revenue, while non-GAAP net income was $127.5 million, representing 16% of revenue[41] - GAAP free cash flow for the quarter was $344.6 million, representing 44% of revenue, while non-GAAP free cash flow was $324.5 million, representing 42% of revenue[42] - Non-GAAP product gross margin for the quarter was 78%, up from 75% in the same period last year[39] - Non-GAAP operating margin for the quarter was 9%, up from 6% in the same period last year[41] - Non-GAAP adjusted free cash flow margin for the quarter was 42%, up from 37% in the same period last year[42] Expenses and Compensation - Research and development expenses for the three months ended January 31, 2024, were $364.5 million, a significant increase from $242.1 million in the same period last year[26] - Stock-based compensation-related charges for the quarter were $320.3 million, representing 42% of revenue[41] - Amortization of acquired intangibles for the quarter was $23.4 million, representing 3% of revenue[41] Net Loss and Improvements - Net loss for the three months ended January 31, 2024, was $169.9 million, an improvement from a net loss of $207.5 million in the same period last year[26]

Cloud stock Snowflake Inc (NYSE:SNOW) is attracting bull notes ahead of the company's fourth-quarter earnings report, due out after the close on Wednesday, Feb. 28. Both Jefferies and D.A. Davidson hiked their price targets to $265 and $260 from $230 and $220, respectively. At last check, SNOW is up 1% at $231.58.The shares are a chip shot from its Feb. 12, 52-week high of $237.71, with support from the 30-day moving average containing last week's pullback. Snowflake stock sports a 16.5% lead for 2024, and ...

Snowflake (SNOW) is set to report its fourth-quarter fiscal 2024 results on Feb 28.The Zacks Consensus Estimate for the top line is pegged at $759.86 million, suggesting year-over-year growth of 29.01%.The consensus mark for the bottom line is pegged at 17 cents per share, unchanged over the past 30 days, indicating 21.43% year-over-year growth.The company’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 194.45%.Let’s see how things have shaped up be ...