Mike Intrator, co-founder and CEO of CoreWeave, speaks at the Nasdaq headquarters in New York on March 28, 2025.
CoreWeave shares slid 11% in extended trading on Tuesday even as the provider of artificial intelligence infrastructure issued results and guidance that beat expectations.
Here's how the company did in comparison with LSEG consensus:
Earnings per share: Loss of 21 cents
Loss of 21 cents Revenue: $1.21 billion vs. $1.08 billion expected
Revenue more than tripled from $395.4 million a year earlier, CoreWeave said in a statement. The company registered a $290.5 million net loss, compared with a $323 million loss in second quarter of 2024. CoreWeave's earnings per share figure wasn't immediately comparable with estimates from LSEG.
Revenue growth continues to be capacity constrained, with demand outstripping supply, Nitin Agrawal, the company's finance chief, said on a conference call with analysts. The company competes with cloud providers such as Amazon to rent out Nvidia chips to companies.
CoreWeave's operating margin shrank to 2% from 20% a year ago due primarily to $145 million in stock-based compensation costs. Debt now sits at $11.1 billion. This is CoreWeave's second quarter of full financial results as a public company following its IPO in March.
On a conference call with analysts, CoreWeave CEO Mike Intrator pointed to an expansion in business with OpenAI, a major client and investor, and he said Goldman Sachs and Morgan Stanley are becoming customers. Both banks were underwriters in CoreWeave's March initial public offering.
During the quarter, CoreWeave acquired Weights and Biases, a startup with software for monitoring AI models, for $1.4 billion.
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