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CoreWeave stock jumps 15% premarket after Q3 revenue beats estimates

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CoreWeave stock jumps 15% premarket after Q3 revenue beats estimates

Written by Zoltan Vardai staff writer Edited by Yohan Yun staff editor

CoreWeave’s third-quarter revenue rose 168% to $3.66 billion, beating analyst estimates by 3.4%. Its revenue backlog reached $132.5 billion.

CoreWeave shares jumped 15.27% in premarket trading Wednesday after the AI cloud provider reported third-quarter revenue that beat analyst estimates.

The shares traded at $56.12 as of 12:50 pm UTC, trimming the stock’s year-to-date decline to 32%, according to Yahoo Finance .

CoreWeave reported $3.66 billion in third-quarter revenue after the market closed on Tuesday, up 168% from $1.36 billion a year earlier.

Revenue came in about 3.4% above the $3.54 billion consensus estimate compiled by Google Finance.

The company also reported a revenue backlog of about $132.5 billion as of Sept. 30. The figure includes revenue CoreWeave expects to recognize under existing customer contracts, subject to delivery and service availability.

In April, CoreWeave announced a multiyear agreement with AI developer Anthropic to provide computing capacity for its Claude models. Days later, CoreWeave signed a $6 billion deal with quantitative trading company Jane Street to supply cloud infrastructure for trading and research.

CoreWeave started as a crypto miner and began shifting to AI infrastructure in 2019 .

This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

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