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CoreWeave revenue jumps 112% as stock rises nearly 20% after results
The AI-cloud provider lifted its full-year sales outlook to as much as $13.2 billion and projected up to $3.6 billion in the next quarter.
CoreWeave shares surged nearly 20% after the company reported second-quarter results, with investors focused on how its surge in revenue and spending could translate into continued demand for AI infrastructure, according to Yahoo Finance.
The AI-cloud provider said revenue rose 112% to $2.6 billion in the latest three-month period and raised its annual sales outlook to as much as $13.2 billion. For next quarter, CoreWeave expects revenue of up to $3.6 billion, supported by demand and 25% price increases implemented last month.
The company also signaled it plans to keep investing aggressively, with expected annual capital expenditures increased to as much as $39 billion to fund chip and data-center expansion. Yahoo Finance reported that interest expense related to CoreWeave's debt was $640 million in the second quarter.
Yahoo Finance noted the earnings also landed amid broader optimism in AI infrastructure, pointing to promising results from companies including Lumentum and Super Micro Computer. It added that Neocloud reported second-quarter cloud revenue up more than 500% to $575 million.