Snowflake CEO Downplays Cyberattack Impact Amid 8% Stock Drop After Q2 Earnings Report: 'Not Really Affected Our Core Business'
Portfolio Pulse from Benzinga Neuro
Snowflake's CEO, Sridhar Ramaswamy, downplayed the impact of a recent cyberattack on the company's core business, despite an 8% stock drop following their Q2 earnings report. The company exceeded earnings expectations and raised its full-year product revenue forecast, but concerns over lower operating margins contributed to the stock's decline.
August 22, 2024 | 2:47 am
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Snowflake's stock dropped 8% after Q2 earnings despite exceeding expectations, due to concerns over lower operating margins and a recent cyberattack. CEO assures minimal impact on core business.
The 8% drop in Snowflake's stock price is attributed to concerns over lower operating margins and the recent cyberattack, despite the company exceeding earnings expectations and raising revenue forecasts. The CEO's assurance of minimal impact on core business may not immediately alleviate investor concerns.
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IMPORTANCE 90
RELEVANCE 100