By Kelly Cloonan
CoreWeave widened its loss in the first quarter and said higher component costs may raise its capital expenditures this year, with the company now planning for full-year capital expenditures in a range of $31 billion to $35 billion, up from a previous low end of $30 billion. The company said it is insulated from some component inflation because of the structure of its contracts. Shares fall 8%, to $118.60, in late trading.
Cloudflare plans to cut about 1,100 jobs as part of a restructuring plan driven by artificial intelligence. The cloud-connectivity company said the cuts were a response to AI triggering a "paradigm shift" in the software industry, and embracing an agentic AI-first operating model will allow it to be faster and more innovative. The company also reported quarterly profit and revenue that was better than Wall Street expected, and lifted its full-year outlook. The stock slid 17%, to $212.45, in after-hours trading.
Block raised its annual earnings outlook after a strong performance from Cash App and its Square payment devices boosted the company's gross profit for the first quarter. The fintech company now expects adjusted earnings of $3.85 a share this year, up from its prior target of $3.66 a share. Shares rose 7.8%, to $75.62, in late trading.
Akamai Technologies said it would supply cloud-infrastructure services to a leading AI lab in a seven-year agreement worth $1.8 billion. The cloud and cybersecurity company described the AI lab as a "leading, U.S. based frontier model provider," without providing its name or any further information. The stock climbed 26%, to $146.96, after market close.
Upwork is cutting nearly a quarter of its staff as part of a restructuring plan, citing a desire to build a more efficient and profitable operating model and the evolving "nature of work" as AI technology improves. The company also cut its revenue guidance for the year. Shares slid 18%, to $8.66, in after-hours trading.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 07, 2026 19:22 ET (23:22 GMT)
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