TSX higher on employment data
Investing.com -- SimilarWeb Ltd. (NYSE:SMWB) stock tumbled 9.3% Tuesday following the announcement that Chief Financial Officer Jason Schwartz will be leaving the company after a decade of service to pursue other opportunities.
The digital data and market intelligence company has initiated a search for a new CFO. Schwartz will continue in his role until his departure or until a successor is appointed to ensure a smooth transition.
"Jason has been an integral part of Similarweb’s journey," said Or Offer, Co-Founder and CEO of Similarweb. "Since joining the company 10 years ago, he has helped guide us from a $20 million revenue startup to a fast-growing, profitable, and cash-generative business listed on the NYSE."
Despite the executive change, the company emphasized its strong financial position. Offer noted that SimilarWeb recently reported second quarter financial results that exceeded expectations, including positive non-GAAP operating profit. The CEO expressed confidence in meeting third quarter financial targets and reaffirmed full year guidance.
Schwartz reflected on his tenure, stating, "It’s been an incredible journey. I’m proud of what we’ve achieved and grateful to Or and the rest of the team for the opportunity to help build one of the most innovative companies in digital intelligence."
The company remains focused on executing its strategic priorities, including AI innovation, enterprise expansion, and sustainable growth, according to Offer.
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