CoreWeave's Q2 Revenue Forecast Falls Short, Shares Drop 6.5% Pre-Market

Deep News05-08 21:01

Shares of AI cloud computing infrastructure firm CoreWeave, Inc. (CRWV) fell approximately 6.5% in pre-market trading on Friday. This decline followed the company's second-quarter revenue guidance, which disappointed Wall Street, coupled with a widening net loss for the first quarter.

The financial report revealed that CoreWeave's first-quarter revenue reached $2.08 billion, more than doubling year-over-year and surpassing market expectations of $1.97 billion. However, the adjusted loss per share was $1.12, worse than the analyst-anticipated loss of $0.90.

The company projects second-quarter revenue to be in the range of $2.45 billion to $2.6 billion, with a midpoint of $2.53 billion. This figure is below the $2.69 billion expected by analysts surveyed by LSEG. Following this announcement, the stock plummeted over 9% in after-hours trading, ultimately closing down about 7.4% at $119.28.

Despite pressure on profitability, CoreWeave's order backlog surged to $99.4 billion, a dramatic 284% increase year-over-year, which includes a substantial $21 billion order from Meta. The company explained that its adjusted operating margin for Q1 was only 1%, hitting a cyclical low, primarily due to infrastructure deployment costs being recognized ahead of corresponding revenue.

The company maintained its full-year 2026 revenue guidance, unchanged at $12 billion to $13 billion.

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