tech
CoreWeave Just Reported Strong Second-Quarter Results. Here's What Wall Street Is Saying
CoreWeave delivered a second-quarter report that left even bearish analysts on the stock impressed.
TL;DR
- CoreWeave exceeded Q2 revenue expectations with $2.58 billion, a 112% year-over-year increase.
- The company reported an adjusted loss of $1.03 per share, better than the expected $1.20 loss.
- CoreWeave has a revenue backlog of $104 billion, with over $25 billion in commitments made in the current quarter.
- Active power capacity reached 1.5 gigawatts by the end of Q2.
- Analysts raised price targets and reiterated bullish forecasts, citing strong execution, expanding backlog, and improving margins.
- Concerns persist regarding the sustainability of its business model and rising debt load, as well as increased competition from Meta.
- A ~25% price increase took effect in July due to scarce capacity and increasing customer ROI.