Feb 26 (Reuters) – CoreWeave beat Wall Street estimates for quarterly revenue on Thursday, benefiting from the artificial intelligence boom that has driven companies to its platform for the massive computing power needed to train and deploy advanced AI models.
However, shares of the company fell 5% after the bell.
The company has benefited from intense demand for high-performance computing infrastructure, a market it serves by offering large-scale access to Nvidia’s most advanced graphics processing units.
CoreWeave has positioned itself as a more specialized and cost-effective alternative to the cloud divisions of Amazon, Google and Microsoft, attracting clients ranging from AI labs to large enterprises.
The company reported revenue of $1.57 billion for the fourth quarter, compared with analysts’ average estimate of $1.55 billion, according to data compiled by LSEG.
The company reported an adjusted loss of $284 million, compared with estimates of a loss of $258.9 million.
(Reporting by Anhata Rooprai in Bengaluru and Juby Babu in Mexico City; Editing by Maju Samuel)
