CoreWeave, Inc. (CRWV) shares plummeted 12.41% during intraday trading on Friday. The sharp decline followed the AI cloud infrastructure provider's release of its first-quarter 2026 financial results and subsequent outlook.
The company reported revenue of $2.08 billion for the quarter, surpassing analyst estimates and more than doubling from the year-ago period. However, investor sentiment turned negative as CoreWeave's adjusted loss per share widened to $1.12, missing consensus expectations. More significantly, the company issued second-quarter revenue guidance of $2.45 billion to $2.6 billion, which fell below the $2.69 billion analysts had anticipated.
Further pressuring the stock, CoreWeave raised its full-year capital expenditure forecast to a range of $31 billion to $35 billion, citing higher component costs and supply-chain challenges. The increased spending outlook, combined with a weaker-than-expected profit forecast for the coming quarter, led to the substantial sell-off as investors reassessed the company's near-term profitability amid its aggressive expansion plans.
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