Shares of artificial intelligence company CoreWeave surged 19% on Wednesday after reporting that its second-quarter revenue doubled, driven by increasing demand from hyperscalers for AI computing capacity.
The company, which provides high performance computing resources needed for AI development and deployment, announced after the market closed on Tuesday that its second-quarter revenue reached $2.6 billion, more than doubling from $1.2 billion in the same period last year.
For the third quarter, CoreWeave is guiding revenue between $3.4 billion and $3.6 billion.
Despite the strong revenue growth, the company remains unprofitable. Operating expenses for the quarter more than doubled compared to the previous year and slightly exceeded revenue.
In premarket trading, CoreWeave was up about 19.9%, and since the start of the year, its stock has gained approximately 26%.
Source (CNBC)
