CoreWeave Beats Q3 Estimates As Revenue Backlog Nearly Doubles

Benzinga

CoreWeave beat revenue expectations and reported a narrower loss as demand for Nvidia GPU access continues to surge. The company now holds a massive $55.6B backlog driven by major AI and tech clients and reported record Q3 growth.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:03CoreWeave reported third quarter revenue of $1.36 billion,

00:07surpassing Wall Street estimates of $1.29 billion, according to Benzinga Pro.

00:12The AI cloud computing platform posted an adjusted loss of $0.08 per share,

00:17narrower than the expected $0.37 loss.

00:20CoreWeave ended the quarter with a $55.6 billion revenue backlog

00:24from providing NVIDIA GPU access to major technology and AI companies.

00:30CoreWeave CEO Michael Intratore said the company achieved record revenue in the third quarter

00:34and nearly doubled its backlog through disciplined execution and business expansion.

00:39Operating expenses reached $1.31 billion, and cash holdings stood at $1.89 billion.

00:46CoreWeave recorded $1.31 billion in operating expenses

00:49and ended the quarter with $1.89 billion in cash and cash equivalents.

00:54For all things money, visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended