CoreWeave Inc. (NASDAQ: CRWV) shares fell more than 8% in premarket trading Tuesday after the Nvidia-backed artificial intelligence cloud provider lowered its full-year revenue outlook due to a delay at a third-party data center partner.
Chief Financial Officer Nitin Agrawal said the company now expects fiscal 2025 revenue between $5.05 billion and $5.15 billion, down from prior guidance of $5.15 billion to $5.35 billion. Analysts surveyed by LSEG had forecast $5.29 billion, according to Reuters.
The revised guidance overshadowed otherwise strong third-quarter results. Quarterly revenue climbed to $1.36 billion, exceeding expectations as demand for CoreWeave’s AI cloud infrastructure—powered by Nvidia graphics processors—remained robust. For the three months ended September 30, the company reported a per-share loss of $0.22, beating forecasts for a $0.51 loss.
Adjusted operating income margin declined to 16% from 21% a year earlier. Agrawal said the company planned to significantly increase capital expenditures next year, targeting between $12 billion and $14 billion in spending as it expands data center capacity to meet surging AI workloads.
