CoreWeave Inc (NASDAQ:CRWV) reported financial results for the fourth quarter after the bell on Thursday. Here’s a look at the key details from the print.
- CoreWeave shares are trending. Where are CRWV shares going?
CoreWeave Reports Mixed Q4 Results
CoreWeave, which provides access to Nvidia GPUs to large technology and AI-focused companies, reported fourth-quarter revenue of $1.57 billion, beating analyst estimates of $1.55 billion, according to Benzinga Pro.
Total revenue more than doubled on a year-over-year basis. The company said it ended the quarter with a revenue backlog of $66.8 billion.
CoreWeave reported a fourth-quarter adjusted loss of 56 cents per share, missing estimates for a loss of 50 cents per share.
“Demand continues to intensify as a broader set of customers adopt CoreWeave Cloud to run a diverse and growing set of workloads. The opportunity ahead is significant, and we are ready to capture it,” said Michael Intrator, co-founder and CEO of CoreWeave.
CoreWeave reported $1.66 billion in operating expenses during the period and ended the quarter with approximately $3.13 billion in cash and cash equivalents.
“CoreWeave is well-positioned for sustained hypergrowth,” said Nitin Agrawal, CFO of CoreWeave.
CoreWeave executives will further discuss the quarter on an earnings call at 5 p.m. ET. The company said it will provide forward-looking guidance on the call. A link to the conference call has been provided below.
CRWV Shares Slide After Hours
CRWV Price Action: CoreWeave shares were down 5.15% in after-hours on Thursday, trading at $92.60 at publication time, according to Benzinga Pro.
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