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☆ 10 things to watch in the stock market Friday including more optimism on Apple's AI plan
▼ + stars: | 2024-06-21 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Meanwhile, Melius Research upped its price target on the leading artificial intelligence chipmaker to $160 a share from $125. Their new price target is $477 a share, down from $535. DA Davidson started coverage of Club name Palo Alto Networks with a buy rating and price target of $380 a share. Snowflake 's price target at Wells Fargo was lowered to $200 a share from $225, though analysts kept their buy rating on the data-analytics stock. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Stocks, Dow, Oppenheimer, Bernstein, Toni Sacconaghi, It's, Northrop Grumman, Analysts, Davidson, billings, Morgan Stanley, Frank Slootman, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Nvidia, Research, Nike, Analysts, Apple, Northrop, Palo Alto Networks, Alcoa, JPMorgan, Kroger, Jim Cramer's Charitable, CNBC Locations: Freeport, McMoRan, Wells

☆ Databricks acquires data optimization startup Tabular in fresh challenge to Snowflake
▼ + stars: | 2024-06-04 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

Data analytics software maker Databricks said in a statement on Tuesday that it's acquiring Tabular, a startup that helps optimize data stored in the cloud. The gesture could help Databricks more quickly bring out products as it faces competition from Snowflake and other entities. Databricks is paying over $1 billion to buy Tabular, Databricks CEO Ali Ghodsi said in an interview. Snowflake was also bidding on Tabular, as was Confluent , a person familiar with the matter told CNBC. Focusing more on Iceberg tables might allow Databricks to take business from Snowflake clients that embrace the format.

Persons: Ali Ghodsi, Databricks, Snowflake, Ryan Blue, Dan Weeks, Okta, Mike Scarpelli, Morgan Stanley, Ghodsi, Andreessen Horowitz, Frank Slootman's, Jefferies, Brent Thill Organizations: Databricks, Summit, Street Journal, CNBC, Developers, Netflix, Salesforce, Amazon, Services, Monday, Zetta Venture Partners Locations: San Francisco, Snowflake, Delta

☆ Nvidia has a parade of partners, but these two stocks are my favorite beneficiaries
▼ + stars: | 2024-03-24 | by ( Jim Cramer | ) www.cnbc.com time to read: +23 min

That's what Nvidia needed semiconductor design firm Synopsys to do to make this next generation of chips. Right now, Nvidia has had not one, but two different breakthroughs: Accelerated computing at a ridiculously fast speed and generative artificial intelligence. I think Jensen regards Dell as a crucial partner when it comes to installing Nvidia's systems anywhere. Do I think Nvidia would like to do more business with Apple? I think Nvidia would like to do more business with everyone, including alleged opponent Intel .

Persons: Abraham Lincoln, David Herbert Donald, Jensen, It's, Jensen Huang, Lincoln, Leonardo da Vinci, da Vinci, he's, Blackwell, Grace Hooper Superchip, –, Moby Dick –, that's, they've, Adam Selipsky, Jensen laughingly, Claude, Anthropic, Dell, Michael Dell, Jensen's, it's, dink, I'm, Johnson, J, Abbott, Reckitt Benckiser, we've, CrowdStrike, ServiceNow, Bill McDermott, Tesla, Elon Musk, Lora Kolodny, That's, Frank Slootman, Ansys, Synopsys, isn't, Sundar Pichai, Satya Nadella, Larry Ellison, Nvidia's Blackwell, Mark Zuckerberg, Jim, Tim Cook, Cook, Apple, Jim Cramer's, Jim Cramer, Josh Edelson Organizations: Lincoln, GTC, Nvidia, GTC –, CNBC, Amazon, Microsoft, Google, Dell Technologies, Club, Dell, Siemens, Rockwell Automation, Cadence Design Systems, Nvidia's, Johnson, Abbott Laboratories, GE Healthcare, cybersecurity, Palo Alto, Palo, Snowflake, AMD, Autodesk, Cadence, Computer, Oracle, Apple, Justice Department, Intel, Vision, Jim Cramer's Charitable, SAP Center, AFP, Getty Locations: U.S, Silicon Valley, Lincoln, Here's, Palo Alto, Pittsburgh, Switzerland, San Jose , California

☆ Cloud software buyers are getting frugal, leading to slower growth at former highfliers
▼ + stars: | 2024-03-19 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

In 2020, as data analytics software vendor Snowflake was hitting the public market, one of the key stats it was touting to investors was net revenue retention. Snowflake's NRR at the time was 158%, meaning its existing customer base from a year earlier had increased its total spend by 58%. "More pressure on churn (as companies look to reduce point solutions in favor of platforms) and more difficult upsells have pushed net retention down," Ball added. Twilio , which sells cloud-based communications software, reported NRR of 102% in February, with just 5% year-over-year revenue growth. Almost all of Twilio's revenue comes from its division that contains technology for sending text messages and emails.

Persons: Snowflake, Chris Taylor, NRR, Wall, Snowflake's NRR, Aidan Viggiano, Mike Scarpelli, Sridhar Ramaswamy, Frank Slootman Organizations: New York Stock Exchange, NYSE, Nasdaq, Representatives Locations: Snowflake, U.S, Twilio

☆ When our modern-day DaVinci speaks, I listen. Here's what I plan to do when Nvidia CEO Jensen Huang steps up to the mic this week
▼ + stars: | 2024-03-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +15 min

I think Jensen deserves one day a year when he can trace out a vision without a per share attached to it. Sure, plenty of people in line Saturday would, correctly I think, say to "own it, don't trade it." Sure, I was sweating "own it, don't trade it." And, can you imagine if you owned but didn't trade Intel from 1990 to 2000? (Don't tell current Intel CEO Pat Gelsinger, who thinks it is still alive.)

Persons: Lisa, Jensen Huang, Jensen, Lisa Su, Andy Grove, Elon Musk, he's, what's, We've, heaven's sakes, Sam Altman, Jensen's, —, Gordon Moore, Robert Noyce, Intel's, Noyce, blowhard, Pat Gelsinger, Enrique Lores, it's, He's, Frank Slootman, Jensen demurred, Frank, AMD's Su, It's, Colette Kress, Jim Cramer's, Jim Cramer, Jim Organizations: Palm, Wine, Club, Nvidia, New Yorker, Devices, Tesla, heaven's, OpenAI, Intel, IBM, HP, AMD, CNBC Locations: Florida, San Francisco, New

Piper Sandler raised its rating on Rivian to overweight, noting the stock can rally 96% from here. Baird's $1,050 price target implies that Nvidia stock could still rally another 19%, adding onto its eye-watering 78% gain so far this year. After soaring more than 200% last year, Nvidia shares have surged another 77% in 2024. "Make no mistake: buying RIVN is risky and a botched midyear re-tooling effort could yet surprise investors negatively," Potter wrote. Snowflake shares have struggled this year, losing 20%, in part due to Frank Slootman stepping down his CEO role.

Persons: Piper Sandler, Guggenheim, Baird, Trista Gerra, Blackwell, Gerra, Lisa Kailai Han, Alexander Potter, Tesla, Rivian hasn't, Potter, Rivian, John DiFucci, DiFucci, Snowflake, Frank Slootman, Fred Imbert Organizations: CNBC, Nvidia, GTC, Guggenheim Locations: Rivian

☆ Jim Cramer shares his thoughts on 3 stocks including McDonald's after tech outage
▼ + stars: | 2024-03-15 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +1 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. McDonald's : The fast-food chain had to temporarily suspend operations at stores in some countries, including Japan, after suffering a technology outage. "This will have no impact whatsoever, except for to buy the stock because McDonald's, in the end, is king," Jim Cramer said. Snowflake : Shares added 0.4% after Guggenheim Securities upgraded the cloud data company to a hold-equivalent rating from sell. In late February, Snowflake stock tumbled 18% in a single session after veteran CEO Frank Slootman announced his retirement alongside a weaker-than-expected first-quarter outlook.

Persons: Jim Cramer's, Jim Cramer, Burger, Cramer, he's, Sanjay Mehrotra, Frank Slootman Organizations: CNBC, Club, Burger King, Restaurant Brands, Micron Technology, Citigroup, Micron, Nvidia, Broadcom, Guggenheim Securities Locations: Japan, Snowflake

☆ The tech CEO who quietly built a bigger fortune than Tim Cook
▼ + stars: | 2024-03-04 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

Former Snowflake CEO Frank Slootman has achieved vast wealth as a non-founding tech exec. Bloomberg pegs his net worth at $3.7 billion — higher than both Tim Cook and Satya Nadella. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe wildly successful and outspoken tech executive who just stepped down as CEO of Snowflake may not be as well-known as Apple's Tim Cook or Microsoft's Satya Nadella — but he's wealthier than both.

Persons: Frank Slootman, Tim Cook, Satya Nadella, He's, —, Nadella, Cook, Slootman, Snowflake, Peter Thiel, Elon Musk, Palmer, Katie Warren, Sridhar Ramaswamy Organizations: Snowflake, Bloomberg, Service, ServiceNow Inc, Data, Google Locations: Netherlands

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Super Micro, Eli Lilly, Lyft, DoorDash, Disney & more
▼ + stars: | 2024-03-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

UBS upgrades Norfolk Southern to buy from neutral UBS said it sees margin improvement for the railroad. Goldman Sachs initiates Super Micro as neutral Goldman said the stock is an "AI winner" but that valuation is full right now. UBS reiterates Eli Lilly as buy UBS raised its price target on the stock to $910 per share from $810. UBS reiterates Nvidia as buy UBS said it's sticking with its buy rating after a series of investor meetings with the company." Argus upgrades New York Times to buy from neutral Argus said it sees revenue growth for the newspaper company. "

Persons: Morgan Stanley, Disney, Piper Sandler, Piper, Guggenheim, Baird, SQSP, Goldman Sachs, Goldman, Bernstein, Tesla, underperform Bernstein, Eli Lilly, Wells, Melius, Citi downgrades Ferrari, Jefferies, Evercore, it's, Rosenblatt, Snowflake, Slootman's Organizations: BROS, Guggenheim, GSK, UBS, Norfolk Southern, Micro, JPMorgan, Nvidia, Kyverna Therapeutics, FLT, UDR, Conservative, America Health, RBC, Apple, Citi, Ferrari, Jefferies, BP, Barclays, Barclays downgrades, ISI, Toast Inc, Bank of America, Ball Corp, of America, Broadcom, New York Times Locations: Norfolk, China, New

☆ Jim Cramer's Thursday rapid fire: Snowflake, Best Buy, Paramount, Okta and Celsius
▼ + stars: | 2024-02-29 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Snowflake : Shares were sinking nearly 20% on weak guidance and CEO Frank Slootman announcing his retirement. Jim Cramer said Thursday he's a big fan of Slootman and the CEO's planned departure is a blow to the company. Cramer said, "Celsius has a lot of bears" betting against the stock, which can lead to volatility. PepsiCo has a large stake in Celsius, Cramer noted, adding the soft drink and snack giant is very pleased with it.

Persons: Jim Cramer's, Frank Slootman, Jim Cramer, Cramer, Todd McKinnon, McKinnon Organizations: CNBC, Club, Paramount, Costco, PepsiCo, Charitable Trust, Amazon

However, the company also said it sees single-digit revenue growth for fiscal 2025. UBS reiterated a neutral rating alongside its $310 per share price target on Salesforce, or more than 3% upside ahead. Product revenue growth of 33% year over year in the fourth-quarter was also below Wall Street estimates. Murphy noted there's a disconnect between what Barrick has accomplished in the past five years and its stock price. "We see asset disposals and cost improvements as likely to reverse share price weakness as the market recognizes the strength of the asset portfolio."

Persons: Morgan Stanley, Snowflake, Jefferies, TD Cowen downgrades Macy's TD Cowen, Oliver Chen, Macy's, — Brian Evans, Brad Sills, Brian Evans, AutoNation Morgan Stanley, AutoNation, Morgan Stanley's, Mike Manley, Adam Jonas, Salesforce, Amy Weaver, Goldman Sachs, Kash Rangan, Bank of America's Brad Sills, Morgan Stanley downgrades Snowflake, Snowflake's, Frank Slootman, Keith Weiss, Matthew Murphy, Murphy, Fred Imbert Organizations: CNBC, Barrick, Mining, Bank of America, of America, TAM, Bank of America's, UBS, StreetAccount, Jefferies, Barrick Gold, Newmont, Newcrest Locations: Africa, East

☆ Part of Snowflake's downfall is related to CEO Frank Slootman's retirement: Jefferies' Brent Thill
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPart of Snowflake's downfall is related to CEO Frank Slootman's retirement: Jefferies' Brent ThillBrent Thill, Jefferies tech analyst, joins 'Squawk on the Street' to discuss Snowflake's quarterly earnings results, what to make of the company's weak forecast and CEO change, Salesforce's earnings results, impact of AI, and more.

Persons: Frank Slootman's, Jefferies, Brent Thill Brent Thill Organizations: Jefferies

☆ Google is starting to feel like any other business, and staging a comeback won't be easy
▼ + stars: | 2024-02-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at how Google has gone from the tech industry's vanguard of cool to just another boring company . AdvertisementGoogle has long stayed atop Silicon Valley's volatile popularity contest — but the best place to work in tech is starting to feel like any other business , Business Insider's Hugh Langley and Lara O'Reilly write. Bureaucracy, an aversion to risk, and deference to Wall Street over employees — things Google long eschewed — have become the norm. The latest example is the debacle surrounding Gemini — its flashy new AI model that faced backlash for being too "woke."

Persons: —, Rebecca Zisser, Hugh Langley, Lara O'Reilly, Alistair Barr, Sundar Pichai, Hugh, Lara, Mateusz Wlodarczyk, BI's Peter Kafka, it's, David Rosenberg, Gary Shilling, Snowflake's Frank Slootman, Ozgur Hakan Aslan Toyota, Boxabl, Elon Musk, Tesla, Hewlett Packard, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Google, Business, Gemini, Meta, Big Tech, OpenAI, Corporations, Nvidia, SEC, Universal Music Group, Universal, BI Locations: —, New York, London

☆ Snowflake's Slootman says he's not worried about employee exodus: 'This is not a personal cult'
▼ + stars: | 2024-02-29 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

While the announcement caused consternation on Wall Street, Slootman told CNBC that he's not worried about a wave of Snowflake employees following him out the door. Slootman, 65, is being succeeded by former Google ad chief Sridhar Ramaswamy, who joined Snowflake in June via the company's $185 million purchase of Neeva, a startup Ramaswamy co-founded in 2019. Snowflake was the third enterprise technology company that Slootman shepherded through the IPO process, following Data Domain in 2007 and ServiceNow in 2012. Before joining Snowflake, Slootman spent about six years as CEO of ServiceNow . ServiceNow's workforce stood at 23,668 by the end of 2023, compared with 603 in December 2011, months after Slootman had joined, according to regulatory filings.

Persons: Frank Slootman's, Slootman's, Slootman, he's, Sridhar Ramaswamy, Snowflake, ServiceNow, —, There's, George Floyd, Steve Jobs Organizations: Snowflake, New York Stock Exchange, Mizuho Securities, CNBC, Google Locations: ServiceNow, Snowflake, America

☆ Stocks making the biggest moves midday: Chemours, Snowflake, Hormel, C3.ai and more
▼ + stars: | 2024-02-29 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

It posted earnings of 41 cents per share, excluding items, on revenue of $3 billion. Analysts polled by FactSet had called for earnings of 34 cents per share on $2.91 billion in revenue. C3.ai — The artificial intelligence software stock advanced more than 24% after C3.ai posted a narrower-than-expected adjusted loss per share of 13 cents. Pure Storage — Shares jumped more than 22% after the data storage company posted stronger-than-expected fourth-quarter earnings and upbeat first-quarter guidance. However, fourth-quarter revenue of $1.1 billion did top LSEG estimates of $1.05 billion.

Persons: FactSet, Morgan Stanley, Chemours, —, Birkenstock, Snowflake, Frank Slootman, LSEG, Duolingo, Alex Harring, Yun Li, Michelle Fox Theobald Organizations: Beverage, RBC, Bank of America Securities, Bank of America, Paramount, AMC Entertainment

☆ Stocks making the biggest moves premarket: Snowflake, Salesforce, C3.ai, Okta and more
▼ + stars: | 2024-02-29 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Snowflake said it expects product revenue to range between $745 million and $750 million in the current period, below the $759 million analysts polled by StreetAccount expected. Okta said its expects revenues to range between $603 million and $605 million, surpassing a FactSet estimate of $583.8 million. Celsius posted 17 cents in earnings per share on $347.4 million in revenue for the fourth quarter. Nutanix posted earnings of 46 cents per share on revenues totaling $565 million. The data storage company posted earnings of 50 cents per share on $790 million in revenue.

Persons: Frank Slootman, Snowflake, StreetAccount, Morgan Stanley, Salesforce — Salesforce, Okta, Duolingo, LSEG, Nutanix, —, Alex Harring, Tanaya Macheel, Michelle Fox, Lisa Han, Jesse Pound, Sarah Min, Pia Singh Organizations: Revenue, Bank of America, AMC, AMC Entertainment, Wall, Paramount, LSEG, CNBC Warner Bros, FactSet, HP — Locations: Canada, FactSet .

☆ Here are Thursday's biggest analyst calls: Tesla, Apple, Microsoft, Delta, Disney, Snowflake, Okta, Salesforce & more
▼ + stars: | 2024-02-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Goldman Sachs reiterates Salesforce as buy Goldman said it's standing by its buy rating following the company's robust earnings report on Wednesday. "Multiple high-profile catalysts should double revs by FY28 & support an Outperform rating with a $54 PT." "We initiate coverage of Gates Industrial (GTES) with a Buy rating and $21 price target. The more aggressive stance follows a near week long sell-off in COLD shares following 4Q results and initial 2024 guidance." Goldman Sachs reiterates Microsoft as buy Goldman said it's standing by its buy rating after a meeting with Microsoft investor relations.

Persons: Jefferies, Roth, Roth MKM, Morgan Stanley downgrades Snowflake, Morgan Stanley, Goldman Sachs, Salesforce, Goldman, it's, TD Cowen downgrades Macy's, Telsey, TD Cowen, Wells, Needham, " Jefferies, Tesla, Coupang, Baird, Cantor Fitzgerald, Cantor, Gates, Piper Sandler, Piper, Raymond James, William Blair, Gordon Haskett downgrades, Haskett, Frank Slootman's Organizations: Jefferies, Barrick Gold, NEM, UBS, Apple, Mar, Bitdeer Technologies, BTC, Citi, United Airlines, Delta, Delta Air Lines Inc, DAL, Deere & Company, American Airlines Citi, Catalyst Watch, Reliance, Star India, JV, UBS downgrades Republic Services, Downside, RBC, Xenia Hotels, Resorts, Deutsche Bank, Deutsche, Products, Gates, NTR, LXU, UW, Bank of America, underperform Bank of America, Realty Trust, Fidelity, Korn, Microsoft, Macquarie Locations: U.S, China, American's, DIS's, Xenia, Federal, Korea

☆ Snowflake shares drop 20% on CEO's retirement, weak guidance
▼ + stars: | 2024-02-29 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Snowflake said its first-quarter product revenue will total between $745 million and $750 million, compared to analysts' estimates of $759 million, per StreetAccount. The company said adjusted operation margin in the first quarter will be 3%, below the 7.2% analysts expected. mitigate C-suite uncertainty," the analysts wrote to investors in a Thursday memo. The company shut down its product and was acquired by Snowflake for $185 million last year. Before Slootman's tenure, Snowflake was helmed by former Microsoft executive Bob Muglia until his sudden ousting in April 2019.

Persons: Snowflake, Frank Slootman, Sridhar Ramaswamy, Slootman, Morgan Stanley, Ramaswamy, Bob Muglia, — CNBC's Michael Bloom, Jonathan Vanian Organizations: Google, Macquarie Equity Research, Microsoft, CNBC PRO Locations: Snowflake

☆ Snowflake's Frank Slootman vehemently denied a BI report in June that he may be leaving. Now he's gone and the stock is down 20%.
▼ + stars: | 2024-02-28 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +1 min

Snowflake's Frank Slootman just announced his retirement. BI reported last year on rumors of Slootman's impending departure. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWhen Business Insider approached Snowflake CEO Frank Slootman in June to ask him if internal chatter about his impending retirement was right, Slootman said it was "completely untrue." You are regurgitating competitive FUD," Slootman wrote in an email to BI in June in his famously direct, no-nonsense style.

Persons: Snowflake's Frank Slootman, —, Snowflake, Frank Slootman, Slootman, Sridhar Ramaswamy, Ellen Thomas Organizations: Service Locations: Snowflake

☆ New Snowflake CEO says generative AI will keep him 'busy for many years to come'
▼ + stars: | 2024-02-28 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Wednesday spoke with Snowflake 's outgoing CEO Frank Slootman and new leader Sridhar Ramaswamy, who said the company has big plans to make use of generative artificial intelligence. "So I think there's a huge opportunity in the world of data applications and AI that'll keep me busy for many years to come." Ramaswamy joined Snowflake in June of last year when it acquired his company, Neeva. Slootman took the reins at Snowflake in 2019 after he had retired as CEO of ServiceNow . "I don't want to be one of those quarterbacks who doesn't know how to get off the field, you know.

Persons: CNBC's Jim Cramer, Snowflake, Frank Slootman, Sridhar Ramaswamy, I've, Ramaswamy, Neeva, Slootman, doesn't, I'm Organizations: Google, Commerce Locations: Snowflake

☆ Snowflake's outgoing and incoming CEOs talk earnings with Jim Cramer
▼ + stars: | 2024-02-28 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSnowflake's outgoing and incoming CEOs talk earnings with Jim CramerSridhar Ramaswamy, incoming Snowflake CEO, and Frank Slootman, outgoing Snowflake CEO, joins 'Mad Money' host Jim Cramer to talk earnings, guidance and more.

Persons: Jim Cramer Sridhar Ramaswamy, Frank Slootman, Jim Cramer Organizations: Snowflake

☆ Generative AI will democratize access to enterprise data, says incoming Snowflake CEO Ramaswamy
▼ + stars: | 2024-02-28 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGenerative AI will democratize access to enterprise data, says incoming Snowflake CEO RamaswamySridhar Ramaswamy, incoming Snowflake CEO, and Frank Slootman, outgoing Snowflake CEO, joins 'Mad Money' host Jim Cramer to talk earnings, guidance and more.

Persons: Ramaswamy Sridhar Ramaswamy, Frank Slootman, Jim Cramer Organizations: Snowflake

☆ Stocks making the biggest moves after hours: Salesforce, Snowflake, Okta, Duolingo and more
▼ + stars: | 2024-02-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

In the fourth quarter, the software company topped Wall Street's fourth-quarter expectations on the top and bottom lines. Snowflake — Snowflake shares plunged 20% after the business software company announced the retirement of its CEO Frank Slootman. The company topped earnings expectations by 12 cents and said it expects revenue for the current period to range between $603 million and $605 million. The company posted revenue of $13.19 billion, falling short of the $13.56 billion analysts polled by LSEG expected. Adjusted earnings per share came in at 5 cents and topped an LSEG estimate of 2 cents per share.

Persons: — Salesforce, Frank Slootman, Duolingo, Okta — Okta, LSEG Organizations: FactSet, Paramount Global, LSEG, Revenue, StreetAccount, HP Inc, AMC Entertainment

☆ Snowflake says Frank Slootman is retiring as CEO; stock plunges more than 20%
▼ + stars: | 2024-02-28 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Frank Slootman, CEO of Snowflake, on the day of the company's initial public offering on Sept. 16, 2020. Snowflake said Wednesday that billionaire CEO Frank Slootman, who joined the cloud software company in 2019 and took it public the following year, is retiring and will be replaced by former Google ad chief Sridhar Ramaswamy. Slootman, 65, previously led software vendor ServiceNow into the public markets and before that led Data Domain. Operating losses for the fourth quarter were $275.5 million, up from $239.8 million during the fourth quarter of the previous year. As of Feb. 9, Slootman owned 10.6 million Snowflake shares, according to a regulatory filing.

Persons: Frank Slootman, Snowflake, Sridhar Ramaswamy, Slootman, Ramaswamy, Sridhar, Bob Muglia, Muglia, — CNBC's Jennifer Elias, Jordan Novet Organizations: Google, Data, New York Stock Exchange, Microsoft Locations: Snowflake, Neeva, Wednesday's

☆ Tim Cook, Steve Ballmer and Jamie Dimon are among the few US billionaires who didn't found a company or inherit a fortune
▼ + stars: | 2024-02-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewVirtually all of America's billionaires either founded a wildly successful company or inherited a vast fortune. Apple CEO Tim Cook, JPMorgan CEO Jamie Dimon, and former Microsoft CEO Steve Ballmer are among the few exceptions. Ballmer leads the pack with an estimated fortune of $143 billion, according to the Bloomberg Billionaires Index largely due to his near-4% stake in Microsoft. AdvertisementRemarkably, Ballmer ranks sixth on the Bloomberg list, just one spot and $3 billion behind the Microsoft cofounder. Other industry stalwarts include Meta's former operating chief, Sheryl Sandberg ($2 billion), and former eBay CEO Meg Whitman ($3 billion).

Persons: —, Tim Cook, Jamie Dimon, Steve Ballmer, Forbes, Bill Gates, Ballmer, Eric Schmidt, Charles Simonyi, Jeff Rothschild, Jeff Skoll, Sheryl Sandberg, Meg Whitman, Justin Sullivan, Snowflake, Frank Slootman, Apple's Cook, Safra Catz, Lisa Su, Ramzi Musallam, JPMorgan's, Goldman Sachs, Lloyd Blankfein, Tor Peterson, Paul Saville, homebuilder Organizations: Service, Apple, JPMorgan, Business, Bloomberg, Microsoft, Facebook, eBay, Getty Images Tech, Forbes, Oracle, AMD, Veritas Capital, Blackstone, KKR Locations: Silver

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