Snowflake’s CEO Steps Down, Stock Plummets 22%: What’s Next for the Software Maker?
San Francisco, Calif. – Snowflake Inc. faces a significant drop in its shares following a disappointing sales forecast and the announcement of CEO Frank Slootman stepping down from his position. The software maker revealed that product revenue for the upcoming quarter is expected to range between $745 million and $750 million, falling short of analysts’ average prediction of $769.5 million. The full-year forecast also missed expectations by a considerable margin. As a result, shares plummeted …