(Reuters) -CoreWeave topped Wall Street estimates for second-quarter revenue on Tuesday, driven by accelerating demand for the Nvidia-backed AI cloud computing firm’s services.
The company offers access to data centers and Nvidia chips, which are highly coveted for by enterprises to train and run large AI models amid intense competition.
CoreWeave, which currently has 33 AI data centers up and running across the U.S. and Europe, focuses solely on GPU-based operations.
The company’s operating expenses jumped to $1.19 billion in the quarter, compared to $317.7 million a year.
Livingston, New Jersey-based CoreWeave’s shares fell 6% in trading after the bell. The stock has gained nearly three-fold since its March IPO.
Revenue backlog was $30.1 billion as of June 30, the company said.
CoreWeave reported revenue of $1.21 billion for the second quarter, compared with analysts’ average estimate of $1.08 billion, according to data compiled by LSEG.
(Reporting by Juby Babu in Mexico City; Editing by Sriraj Kalluvila)
