CoreWeave seesaws even as Q3 results top Wall Street's forecast

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CoreWeave (CRWV [https://seekingalpha.com/symbol/CRWV]) shares see-sawed in extended trading on Monday after the data center company reported fiscal third-quarter results that were above Wall Street's expectations.

For the period ending Sept. 30, CoreWeave said it lost $0.22 per share as revenue surged 132.9% year-over-year to $1.36B. Analysts were expecting the company to lose $0.51 per share on $1.28B in revenue.

“We delivered an exceptional third quarter, setting new records for revenue and almost doubling our revenue backlog to more than $55 billion,” said Michael Intrator, Co-Founder, Chairman of the Board and Chief Executive Officer, CoreWeave. “Our performance reflects disciplined execution across every part of our business, from scaling infrastructure and expanding capacity to deepening customer relationships and advancing our software and services. CoreWeave’s position as the essential cloud for AI has never been stronger as we drive growth through focus and innovation to power the next generation of AI.”

Seeking Alpha analyst Yiannis Zourmpanos [https://seekingalpha.com/author/yiannis-zourmpanos] said the results show a company that is burning cash, but is “clearly gaining traction in the AI infrastructure race.”

"The slimmer-than-expected loss and surging revenue suggest its aggressive expansion is paying off, even if profitability remains a distant goal," Zourmpanos said via email. "If it can keep this momentum while tightening costs, CoreWeave could emerge as one of the standout players in next-gen cloud computing.”

CoreWeave said it will provide guidance on its conference call, which is scheduled for 5 p.m. EST.

_(This story has been updated with analyst commentary.)_

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