CoreWeave , one of the year’s hottest technology IPOs, will report its fiscal second-quarter financial results after the market closes. Investors are hoping for more positive news from the artificial-intelligence cloud vendor.
The shares dropped 4.6% in morning trading.
The Wall Street consensus estimates are for the company to report June quarter revenue of $1.08 billion with an adjusted loss of 23 cents a share. Analysts’ estimates for the current quarter’s revenue point to $1.25 billion.
“We are positive on the potential for continued momentum in CoreWeave’s business pipeline,” J.P. Morgan analyst Mark Murphy wrote on Sunday. Founded in 2017, CoreWeave provides large-scale access to graphics processing units, or GPUs, via the cloud.
In May, when CoreWeave disclosed its first quarterly results as a public company, it reported better-than-expected revenue and issued financial forecasts that were more upbeat than anticipated. A day after the report, CoreWeave revealed in a filing with the Securities and Exchange Commission that it has entered into an agreement with OpenAI for additional services worth up to $4 billion through April 2029.
Then in early July, CoreWeave announced an agreement to buy data-center infrastructure partner Core Scientific in a deal worth $9 billion of stock at the time.
It has been a wild ride for CoreWeave stock since the company priced its initial public offering at $40 in late March. While that was lower than the expected range, the stock has since more than tripled. CoreWeave’s upbeat initial earnings report, plus robust forecasts of 2025 capital spending by large technology companies during earnings season, have lifted the shares.
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