Artificial intelligence company CoreWeave saw shares rise 19% on Wednesday following a strong second-quarter report that showed its revenue doubled, fueled by increasing demand from hyperscalers for AI compute capacity.
The company, which provides high-powered computing resources for AI development and operations, announced that its second quarter revenue reached $2.6 billion, more than doubling from $1.2 billion in the same period last year. It also issued a forecast for third-quarter revenue between $3.4 billion and $3.6 billion.
Despite the impressive revenue growth, the company remains unprofitable. Operating expenses more than doubled compared to the previous year and slightly exceeded revenue during the quarter.
In premarket trading, the stock was up nearly 20%, and since the beginning of the year, it has increased by about 26%.
Source (CNBC)
