In an interview with CNBC’s Jim Cramer on Wednesday, Snowflake CEO Sridhar Ramaswamy said the cyberattack the company faced earlier this year had not affected its operations.
“These headlines have not had any real impact on our core business with existing or new customers,” Ramaswamy said. “We talk to our customers about security frequently because we want them to be safe, and Snowflake’s core platform is incredibly strong and secure.”
He said Snowflake was not responsible for the breach and that only customers whose accounts were compromised had “user IDs and passwords that did not have features such as multi-factor authentication.” The major cyberattack occurred in May and affected Snowflake customers. AT&T and Live Nation.
Snowflake reported earnings after the close on Wednesday that beat Wall Street expectations and raised its outlook for full-year product sales, but its shares fell nearly 8% in after-hours trading.
The company also said it expects its operating margin to decline from the previous quarter, but Ramaswamy dismissed the notion that the decline in operating margins is a problem for the company, saying Snowflake is making investments that will help improve its profitability.
“We’re investing in the future, whether it’s in engineering or in sales to sell more products,” he said. “It’s not a long-term concern.”
