Snowflake Files 8-K After CRO Suggests Over $4.5 Billion Runrate in Unauthorized Instagram Interview

Snowflake Inc. has filed an 8-K with the U.S. Securities and Exchange Commission (SEC) after Chief Revenue Officer (CRO) Mike Gannon suggested the company would exit the year at over $4.5 billion in runrate during an Instagram street interview. The cloud data platform company moved quickly to disavow the statement, emphasizing that Gannon was not authorized to disclose financial information. The interview, conducted by the popular Instagram account "theschoolofhardknockz," brought an unexpected compliance challenge to the publicly traded firm. The company's regulatory filing explicitly stated, > "This officer is not a designated spokesperson authorized to disclose financial information on behalf of the Company. As a result, investors should not rely upon such statements." Gannon's projection of "just over about $4.5 billion" in revenue for the year, and a target of "$10 billion in a couple of years," exceeded Snowflake's official guidance of $4.395 billion for fiscal year 2026, which was issued in August. This discrepancy prompted the immediate 8-K filing to clarify the company's official position. An 8-K filing is used by public companies to announce major events that shareholders should know about, ensuring transparency and adherence to SEC regulations regarding material information. The incident highlights the growing challenge companies face in controlling information dissemination in the age of viral social media. Gannon, who was appointed CRO in March, reportedly admitted during the interview that he frequently watches the "theschoolofhardknockz" account. The unauthorized disclosure comes as Snowflake's shares have surged nearly 70% year-to-date, driven by high demand for its cloud data platform, particularly in the AI sector. The company reaffirmed its previously issued guidance for the third quarter and full fiscal year 2026, assuring investors that its guidance philosophy and practices for releasing financial results remain unchanged. This event underscores the need for stringent corporate disclosure policies and media training for executives navigating informal digital platforms.