The stock of CoreWeave (CRWV) is up 18% after the data centre operator reported quarterly financial results that surpassed Wall Street’s expectations.
The company announced an earnings per share (EPS) loss of -$1.03 U.S., which was better than the loss of -$1.20 U.S. that analysts had penciled in for the company.
Revenue in the year’s second quarter totaled $2.58 billion U.S., which was ahead of the $2.56 billion U.S. that had been forecast on Wall Street. Sales were up 112% from a year earlier.
Management said that the company’s revenue backlog stands at $104 billion U.S., a figure that does not include more than $25 billion U.S. in new commitments from the current third quarter.
Looking ahead, CoreWeave expects $3.4 billion U.S. to $3.6 billion U.S. in third-quarter revenue, which would imply 158% growth at the midpoint.
For all of this year, CoreWeave forecasts $960 million U.S. to $1.15 billion U.S. in operating income on $12.40 billion U.S. to $13.20 billion U.S. in revenue.
Wall Street had expected $12.63 billion U.S. in full-year revenue from the company, which builds data centers filled with microchips that can run generative artificial intelligence (A.I.) models.
Company executives called for more than 1.85 gigawatts in active power by year’s end, with $35 billion U.S. to $39 billion U.S. in capital expenditures.
CoreWeave remains unprofitable and had $35 billion U.S. of debt on its balance sheet at the end of June this year, most of which is to cover the cost of Nvidia (NVDA) microchips.
Prior to today (Aug. 12), CRWV stock had declined 39% over the last 12 months to trade at $90.32 U.S. per share.
