Subverting the Dominant Paradigm

Tech-sector layoffs have turned commonplace — which is why it’s unusual to see a company announcing that it plans to hire people.

Yet that’s exactly what’s happening over at cloud data and analytics vendor Snowflake. During its latest earnings call, the company announced that it plans to bring on more than 1,000 employees in its current fiscal year.

Its financials notwithstanding (analysts and investors aren’t keen on performance and outlook), Snowflake sees “the current hiring market as favorable.” That was the word from Mike Scarpelli, Snowflake’s CFO, during the company’s March 1 call with analysts.

Snowflake also said it brought on around 1,900 net-new staff in its fiscal year 2023, which just ended.

See the next slide for commentary on the significance of Snowflake’s hiring news.