Welcome to Extreme Investor Network, where we provide you with expert insights into all things money. Today, we bring you exclusive information about Snowflake, a leading enterprise software company, and the recent cyber attack it faced.
In a recent interview with CNBC’s Jim Cramer, Snowflake CEO Sridhar Ramaswamy reassured investors that the cyber attack earlier this year has not impacted the company’s core business. Despite the headlines, Ramaswamy emphasized that Snowflake’s platform remains incredibly strong and secure, with no blame placed on the company for the breach. The breach only affected customers with user IDs and passwords lacking multifactor authentication.
Following the cyber attack, Snowflake reported earnings that exceeded Wall Street’s expectations and raised its forecast for full-year product revenue. However, shares were down nearly 8% in after-hours trading. The company also projected a lower operating margin compared to the previous quarter, but Ramaswamy expressed confidence in Snowflake’s investments to drive revenue in the future.
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