Outgoing CEO Frank Slootman will proceed to function chairman of the board.
Elevate Your Tech Prowess with Excessive-Worth Ability Programs
| Providing Faculty | Course | Web site |
|---|---|---|
| MIT | MIT Know-how Management and Innovation | Go to |
| Indian College of Enterprise | ISB Skilled Certificates in Product Administration | Go to |
| IIM Lucknow | IIML Govt Programme in FinTech, Banking & Utilized Threat Administration | Go to |
Ramaswamy, an alumnus of IIT Madras, beforehand held the place of senior vice chairman of synthetic intelligence (AI) at Snowflake.
He had beforehand constructed Neeva, a competitor to Google Search in 2019, which was acquired by Snowflake in 2023. He was additionally a part of the engineering workforce that constructed Google Search within the early 2000s and went on to steer the promoting merchandise division at Google, which included search, show and video promoting, amongst different modes.
“Within the final 12 years, Frank and all the workforce have established Snowflake because the main cloud knowledge platform that’s offering enterprises with the safe, scalable and cost-effective knowledge basis and cutting-edge AI constructing blocks they should construct for the long run,” Ramaswamy stated in a launch. “I’m honoured to have been chosen to steer the corporate into this subsequent chapter of progress. We now have an unlimited alternative forward to assist all clients leverage AI,” he added.
Inside Snowflake, Ramaswamy led the launch of its Cortex stack, its new absolutely managed service that makes AI easy and safe for all customers.
Uncover the tales of your curiosity
“Because the main cloud knowledge platform, Snowflake is on the epicentre of the AI revolution,” Slootman stated in a launch. “There isn’t a higher particular person than Sridhar to steer Snowflake into this subsequent part of progress and ship on the chance forward in AI and machine studying.”Fourth quarter outcomes
As a part of its fourth quarter outcomes, the US-based Snowflake recorded whole revenues of $775 million, up 32% on yr and 6% sequentially. Product-led revenues stood at $738 million for the fourth quarter.
For the complete 2023-24 ended January 31, the software program service supplier reported 36% year-on-year progress in revenues to $2.8 billion.
Snowflake follows February-January fiscal yr.
The corporate additionally reported a narrowed web lack of $169.3 million for the fourth quarter in comparison with $207.1 million for a similar interval a yr in the past. Whole web loss for the complete fiscal (FY24) elevated 5% and stood at $836 million for Snowflake.
It’s trying to clock $745-750 million in revenues within the first quarter of FY25, aiming for a 26-27% year-on-year progress, the corporate stated as a part of its This autumn outcomes.
On the again of the announcement of a CEO change, Snowflake’s inventory tumbled greater than 20% on Wednesday’s prolonged buying and selling.
