CoreWeave surges 18% in premarket after a 'cleaner quarter.' Here's what's happening

JUST IN: $CRWV surges 18% in premarket after second-quarter revenue doubled to $2.6 billion on surging AI demand from hyperscalers.

CoreWeave just doubled its revenue and the stock ripped 18 percent premarket. Two point six billion dollars for the quarter, up 112 percent, all of it riding hyperscaler demand for AI compute.

CEO Michael Intrator calls it an inflection point, and the backlog backs him up, 104 billion dollars, before you even count 25 billion in fresh commitments. Meta alone said it'll spend another 21 billion with them. Citi called it one of the cleaner quarters since the IPO, which on Wall Street is practically a love letter.

One catch though. The company still isn't profitable. Expenses doubled too, and they actually edged past revenue, leaving a 49 million dollar operating loss. This is a business sprinting on borrowed money and betting the demand never blinks.

Earnings pops like this have a habit of fading once the excitement wears off. So, does CoreWeave still trade above Tuesday's closing price one month from now?

This is Sara White, reporting for HIT.

Source Read the original reporting at cnbc.com