estimates does not always move the needle; in fact, the stock was down about 13% after a second quarter earnings beat.
It was an impressive enough business to catch Warren Buffett’s eye, as the chairman and CEO of Berkshire Hathaway before. Two, it is a technology company, and Buffett himself said he doesn’t often invest in tech stocks because it is not an industry that he understands that well. Three, it had a relatively small market cap, in the midcap range, when he first invested in it.
Just last week, it was learned that Buffett completely sold out of Snowflake stock, after gradually reducing his position in recent quarters. It was a rare whiff for the Oracle of Omaha, who decided to cut his losses after just four years.The Buffett decision to dump the stock, revealed in an Aug. 15 SEC filing, may be part of the reason why the stock was falling this week.
Snowflake CEO Sridhar Ramaswamy told CNBC this week that the breach has not affected its core business with its clients or prospects and called the platform “incredibly strong and secure.” Still, it may have scared off some investors.
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