CoreWeave experienced a 168% surge in third-quarter revenue, reaching $3.66 billion and surpassing analyst forecasts by 3.4%, while its total revenue backlog hit $132.5 billion.
Equities of artificial intelligence cloud provider CoreWeave rallied by 15.27% during premarket transactions on Wednesday following an earnings report that exceeded analyst expectations for the third quarter.
As reported by Yahoo Finance, the stock exchanged hands at $56.12 at 12:50 pm UTC, which helped reduce the company’s year-to-date loss to 32%.
Following Tuesday’s market close, CoreWeave disclosed $3.66 billion in revenue for the third quarter, marking a 168% increase compared to the $1.36 billion recorded during the same period last year.
That revenue figure exceeded the $3.54 billion consensus prediction gathered by Google Finance by approximately 3.4%.
Additionally, the enterprise revealed a revenue backlog totaling roughly $132.5 billion as of September 30, which encompasses anticipated earnings from current client agreements pending service delivery and fulfillment.
Back in April, CoreWeave revealed a multiyear partnership with artificial intelligence developer Anthropic to supply computing resources for its Claude models, and shortly after, secured a $6 billion agreement with quantitative trading firm Jane Street to deliver cloud infrastructure supporting research and trading operations.
Initially launched as a cryptocurrency mining venture, CoreWeave initiated its pivot toward artificial intelligence infrastructure in 2019.
Related: CoreWeave shows how crypto-era infrastructure quietly became AI’s backbone.
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Originally published at https://cointelegraph.com/markets/coreweave-stock-surges-pre-market-q3-revenue?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
