Snowflake (NYSE:SNOW) shares plunged around 20% intra-day today after the company announced disappointing guidance, despite its fourth-quarter results coming in better than expected. The company also revealed a surprise leadership transition, with CEO Frank Slootman planning to retire. He will be replaced by Sridhar Ramaswamy, who has been leading Snowflake’s AI initiatives since his arrival in May 2023.

In Q4, Snowflake reported adjusted earnings of $0.35 per diluted share, an increase from $0.14 in the same period the previous year, with revenue rising to $774.7 million from $589.0 million. These figures exceeded the anticipated $0.18 earnings per share on $760.6 million in revenue.

For the forthcoming first quarter, Snowflake forecasts product revenue between $745 million and $750 million, and expects its annual revenue to reach $3.25 billion.

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