CoreWeave Beats Quarterly Estimates Amid Surge in AI Demand
2 sources across 2 countries · Brazil · United Kingdom
Who reported this
- CNN Brasil
- Reuters
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- Right
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CoreWeave reported a net loss of 567 million US dollars for the second quarter, which was lower than the 670 million US dollars projected by Wall Street. The company's quarterly revenue reached 2.58 billion US dollars, representing a 122 percent increase over the previous year and slightly exceeding analyst expectations of 2.56 billion US dollars. Following the report, the company's shares rose 14 percent in after hours trading in New York.
CEO Michael Intrator described the period ending in March as the highest volume order quarter in the company's history. CoreWeave reported an order backlog of 99.4 billion US dollars, a 50 percent increase from the 66.8 billion US dollars recorded in the previous quarter. Additionally, the company added 25 billion US dollars in new net customer commitments at the start of the current quarter.
Nvidia holds a 12.8 percent stake in CoreWeave and invested an additional 2 billion US dollars earlier this year. CoreWeave plans to build new AI factories to reach a total installed computational capacity of 5 gigawatts by 2030, although the company has not disclosed a specific timeline for when it expects to become profitable.
How each side framed it
- Centre
- Outlets with a center lean focused on the financial metrics, highlighting that the company beat expectations despite recording a net loss.
Sources
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