{"id":115162,"date":"2021-05-26T23:58:22","date_gmt":"2021-05-26T23:58:22","guid":{"rendered":"https:\/\/fin2me.com\/?p=115162"},"modified":"2021-05-26T23:58:22","modified_gmt":"2021-05-26T23:58:22","slug":"snowflake-ceo-urges-investors-to-be-patient-with-stock-during-multiyear-cloud-transition","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/snowflake-ceo-urges-investors-to-be-patient-with-stock-during-multiyear-cloud-transition\/","title":{"rendered":"Snowflake CEO urges investors to be patient with stock during multiyear cloud transition"},"content":{"rendered":"<ul>\n<li>Snowflake shareholders need to be patient over the course of the multiyear cloud transition, CEO Frank Slootman told CNBC.<\/li>\n<li>&quot;That&#x27;s sort of the message to investors to really understand we&#x27;re signing on here for a journey that&#x27;s five to 10 years,&quot; Slootman said on &quot;Mad Money.&quot;<\/li>\n<li>The comments came after the data-analytics software firm reported earnings.<\/li>\n<\/ul>\n<p>Snowflake CEO Frank Slootman said Wednesday that shareholders need to be patient with the company&#x27;s stock because the cloud transition is not happening overnight.<\/p>\n<p>&quot;Our business is really going to conduct itself really over considerable, long periods of time,&quot; Slootman said in an interview with CNBC&#x27;s Jim Cramer on &quot;Mad Money.&quot; &quot;That&#x27;s sort of the message to investors to really understand we&#x27;re signing on here for a journey that&#x27;s five to 10 years.&quot;<\/p>\n<p>The comments came as shares of Snowflake tumbled as much as 8% in extended trading after the company reported fiscal first-quarter results.<\/p>\n<p>While revenue grew 110% year over year to a better-than-expected $228.9 million, the data-analytics software firm also reported a net loss of $203.2 million. That&#x27;s up from $93.6 million in the same period a year earlier. At the same time, Snowflake also raised its full-year guidance for product revenue.<\/p>\n<p>Snowflake went public in September in a record-breaking IPO, with shares closing that initial trading day at $253.93. However, the stock was below that level at Wednesday&#x27;s close. Snowflake shares are also down 16% year to date, as investors have rotated out of high-flying growth names into economically sensitive companies that stand to benefit from the Covid recovery.<\/p>\n<p>Despite the recent moves on Wall Street, Slootman stressed that the company&#x27;s software is only becoming more important as enterprises shift away from databases tied to hardware.<\/p>\n<p>&quot;These are big, big changes that we are experiencing in the marketplace, and we&#x27;re just super happy to be in the middle of that and be an enabler of that,&quot; he said, adding that Snowflake places its focus on growing at scale. &quot;We&#x27;re not a growth-at-all-costs company.&quot;<\/p>\n<p>Questions for Cramer?<br \/> Call Cramer: 1-800-743-CNBC<\/p>\n<p>Want to take a deep dive into Cramer&#x27;s world? Hit him up!<br \/> Mad Money Twitter &#8211; Jim Cramer Twitter &#8211; Facebook &#8211; Instagram<\/p>\n<p>Questions, comments, suggestions for the &quot;Mad Money&quot; website? madcap@cnbc.com<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/05\/26\/snowflake-ceo-urges-investors-to-be-patient-with-stock-during-cloud-transition.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Snowflake shareholders need to be patient over the course of the multiyear cloud transition, CEO Frank Slootman told CNBC. &quot;That&#x27;s sort of the message to [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":115161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Snowflake CEO urges investors to be patient with stock during multiyear cloud transition - 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