Snowflake Tumbles the Most Ever After CEO Exit, Weak Outlook (1)

Snowflake Inc. suffered its worst stock decline ever after the software maker delivered a disappointing sales forecast and announced that Chief Executive Officer Frank Slootmanis stepping down from the role.

Product revenue — a closely watched measure — will be $745 million to $750 million in the first quarter, Snowflake said in a statement Wednesday. Analysts had predicted $769.5 million on average, according to data compiled by Bloomberg. A full-year forecast also fell well short of projections.

Sridhar Ramaswamy, a former Google executive, will take the helm at Snowflake.

Photographer: Krisztian Bocsi/Bloomberg

Shares plunged 18% to $188.28 on Thursday in New York, the biggest decline since the company went public in 2020.

Snowflake’s ...