CoreWeave Inc (NASDAQ:CRWV) reported better-than-expected sales for the first quarter after the market close on Wednesday.
CoreWeave reported first-quarter revenue of $981.63 million, beating analyst estimates of $859.77 million, according to Benzinga Pro. The company reported a first-quarter adjusted loss of $1.49 per share. Total revenue was up 420% on a year-over-year basis. The company said it ended the quarter with a revenue backlog of $25.9 billion.
"We've delivered an outstanding start to 2025 on multiple fronts. Our strong first quarter financial performance caps a string of milestones including our IPO, our major strategic deal with OpenAI as well as other customer wins, our acquisition of Weights & Biases and many technical achievements," said Michael Intrator, co-founder and CEO of CoreWeave.
CoreWeave shares fell 2.1% to trade at $66.02 on Thursday.
These analysts made changes to their price targets on CoreWeave following earnings announcement.
Considering buying CRWV stock? Here’s what analysts think:
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