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CoreWeave Shares Drop 10% Despite Record Revenue and Backlog Growth
CoreWeave Shares Drop 10% Despite Record Revenue and Backlog Growth
22
2
BTCCSquare news:
CoreWeave, Inc. (CRWV) shares fell sharply after hours, dropping 10.28% to $133.46, despite posting a 100% year-over-year revenue increase and securing a $30.1 billion backlog. The company reported Q2 revenue of $1.21 billion, driven by strong demand across healthcare, finance, and industrial sectors, including a multi-billion-dollar expansion with OpenAI.
Net losses widened to $290.5 million as scaling costs for AI cloud infrastructure weighed on profitability. CoreWeave's vertical integration strategy aims to deliver $500 million in savings and a 1.3GW capacity boost by 2027. Liquidity remains secure with $6.4 billion in financing to support its OpenAI contract.
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