CoreWeave stock jumps 15% premarket after Q3 revenue beats estimates
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CoreWeave’s third-quarter revenue rose 168% to $3.66 billion, beating analyst estimates by 3.4%. Its revenue backlog reached $132.5 billion.
CoreWeave shares jumped 15.27% in premarket trading Wednesday after the AI cloud provider reported third-quarter revenue that beat analyst estimates.
The shares traded at $56.12 as of 12:50 pm UTC, trimming the stock’s year-to-date decline to 32%, according to Yahoo Finance .
CoreWeave reported $3.66 billion in third-quarter revenue after the market closed on Tuesday, up 168% from $1.36 billion a year earlier.
The company also reported a revenue backlog of about $132.5 billion as of Sept. 30. The figure includes revenue CoreWeave expects to recognize under existing customer contracts, subject to delivery and service availability.
CoreWeave started as a crypto miner and began shifting to AI infrastructure in 2019 .
Related: CoreWeave shows how crypto-era infrastructure quietly became AI’s backbone
