CoreWeave Inc. (NASDAQ:CRWV) shares are trading marginally lower Friday morning as traders continue to digest strong second-quarter results and a massive backlog update.
CoreWeave shares are showing limited movement. Where are CRWV shares going?
What Catalyzed CoreWeave’s Strong Q2 Results?
The company posted second-quarter revenue of $2.58 billion versus the $2.56 billion estimate and an adjusted loss of $1.03 per share versus expectations for a loss of $1.22 per share. It also reported a revenue backlog of $104 billion and said that figure excludes more than $25 billion of additional customer commitments added early in the current quarter.
CoreWeave’s setup into the print also mattered because first-quarter revenue was roughly $2.08 billion (more than doubling from $982 million YoY), with adjusted EBITDA of about $1.16 billion and a 56% margin.
