Why Did Similarweb Plunge 12.22% After CFO Departure?

Similarweb's stock experienced a significant drop of 12.22% in pre-market trading on September 2, 2025, marking a notable decline in its share price.

Similarweb, a leading digital data and market intelligence company, announced that its Chief Financial Officer, Jason Schwartz, will be leaving the company after a decade of service. Schwartz's departure comes as the company reported strong second-quarter financial results, including a 17% year-over-year increase in revenue to $71 million, which surpassed expectations. The company also achieved an 18% year-over-year growth in its customer base, reflecting strong demand for its digital data and analytics services.

Despite the positive financial performance, the announcement of Schwartz's departure has raised concerns among investors about the company's leadership transition. Schwartz has been a key figure in Similarweb's growth, helping to guide the company from a $20 million revenue startup to a profitable and cash-generative business listed on the NYSE. His departure may lead to uncertainty about the company's future direction and financial management.

Similarweb's management has initiated a search for a new CFO and has expressed confidence in meeting its third-quarter financial targets and reaffirming its full-year guidance. The company remains focused on executing against its strategic priorities, including AI innovation, enterprise expansion, and sustainable growth. However, the market's reaction to Schwartz's departure suggests that investors are cautious about the potential impact on the company's performance.