CoreWeave jumps 9% after second-quarter earnings
AI cloud company CoreWeave (CRWV) edged past Wall Street’s second-quarter revenue estimates as demand for computing capacity showed little sign of slowing.
Revenue more than doubled to $2.58 billion from $1.21 billion a year ago, slightly ahead of the $2.56 billion analysts expected.
Revenue backlog reached roughly $104 billion at the end of June, and CoreWeave said that figure doesn’t include more than $25 billion of new customer commitments added early in the third quarter.
Operating expenses, however, more than doubled to $2.62 billion, while the company posted a $626 million net loss. CoreWeave has been racing to add infrastructure, expanding active power by nearly 500 megawatts to 1.5 gigawatts during the quarter, with contracted power reaching about 3.7 GW.
Shares jumped 9% in after-hours trading.
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