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Ramaswamy, 57, spent 15 years at Google, most lately main the advertisements and commerce enterprise till 2018. He then left to co-found Neeva in 2019, a client search engine he hoped to rival Google till final yr, when he introduced the corporate was shutting down its product.
Snowflake acquired Neeva in June for $185 million, in line with a submitting.
“There is no such thing as a higher individual than Sridhar to guide Snowflake into this subsequent section of development and ship on the chance forward in AI and machine studying,” Slootman mentioned in a press release. “He’s a visionary technologist with a confirmed monitor document of operating and scaling profitable companies.”
Snowflake additionally launched fourth-quarter monetary results. Gross sales elevated 32% year-over-year to $774.7 million within the interval. Product income for the fourth quarter was $738.1 million, a 33% enhance from the earlier yr.
Working losses for the fourth quarter had been $275.5 million, up from $239.8 million throughout the fourth quarter of the earlier yr.
The corporate mentioned product income within the first quarter might be between $745 million and $750 million, decrease than the $759 million that analysts had been anticipating, in line with StreetAccount. Moreover, Snowflake mentioned its first-quarter adjusted working margin can be 3%, topping analyst estimates of seven.2%.
Slootman’s complete compensation in 2023 amounted to $23.7 million, virtually totally from inventory and choice awards. As of Feb. 9, Slootman owned 10.6 million Snowflake shares, in line with a regulatory submitting. At Wednesday’s shut that stake can be value about $2.4 billion.
Previous to Slootman’s arrival at Snowflake, the corporate was led by former Microsoft govt Bob Muglia, who constructed it as much as a $4 billion valuation. Muglia was ousted out of the blue in April 2019 and changed by Slootman. The corporate had a market cap of $75 billion on Wednesday previous to the after-hours plunge.
That is breaking information. Please examine again for updates.
— CNBC’s Jennifer Elias and Jordan Novet contributed to this report.
