Shares of CoreWeave (NASDAQ:CRWV) fell more than 17% on Wednesday after the company reported second-quarter revenue above expectations but posted a much larger-than-anticipated loss due to surging expenses.
For the quarter ended June 30, the cloud infrastructure firm reported a loss of $0.60 per share on revenue of $1.21 billion, compared with Wall Street forecasts for a $0.20 per share loss on $1.08 billion in revenue. Operating expenses soared to $1.19 billion from $317.7 million a year earlier.
CoreWeave highlighted major customer wins, including a $4 billion expansion agreement with OpenAI, new hyperscaler partnerships, and engagements with AI-focused enterprises such as BT Group and Cohere.
The company now projects full-year revenue between $5.15 billion and $5.35 billion, citing strong demand for AI inference — a chain-of-thought reasoning method enabling trained models to derive insights from new data, widely used by advanced AI firms like OpenAI.
