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Exec shared unauthorized guidance in Instagram video
The Snowflake Inc logo, which represents the American cloud computing-based data company that offers cloud-based storage and analytics services, is being displayed on their pavilion at the Mobile World Congress 2024 in Barcelona, Spain, on February 28, 2024.
Joan Cros | Nurphoto | Getty Images
Snowflake had to make a Securities and Exchange Commission filing this week after an executive shared unauthorized financial guidance in a street interview video on Instagram posted on Sunday.
The data-storage company said in the 8-K filed Monday that the executive, who was not named, is not a “designated spokesperson authorized to authorized to disclose financial information” under Snowflake’s Corporate Disclosure Policy.
“As a result, investors should not rely upon such statements,” the company wrote.
The video, which the filing notes was posted by Instagram account “theschoolofhardknockz,” features host James Dumoulin asking Snowflake Chief Revenue Officer Mike Gannon about financial advice for business owners and his company’s revenue.
“So we’re going to exit this year probably just over about $4.5 billion,” Gannon said. “We’re getting to $10 billion in a couple of years.”
The video currently has 2.5 million views.
Snowflake did not immediately respond to a request for comment.
Gannon, who was appointed CRO earlier in March, said that he watches “theschoolofhardknockz” often and congratulated Dumoulin on its success.
The account, which counts 7.6 million followers, interviews millionaires, including athlete Shaquille O’Neal, Chipotle CEO Scott Boatwright, and actor Tom Cruise, on the street for business advice.
In the SEC filing this week, Snowflake reaffirmed its previously issued guidance for the third quarter and full fiscal year 2026, which was originally issued in late August.
The report offered a sales guidance of $4.395 billion in revenue for the full year, a little over $100 million less than Gannon’s estimation.
The company also noted that its third-quarter earnings results will be in accordance with its standard practices and that its guidance philosophy remains the same. Snowflake shares are up almost 70% year-to-date.
