CoreWeave (CRWV +18.83%) stock is having a banner day in Wednesday's trading following the company's recent quarterly report. Its share price was up 18.6% as of noon ET. The S&P 500 was up 0.2% at the same point in the day's trading, and the Nasdaq Composite was up 0.5%.
Following the close of the market yesterday, CoreWeave published its second-quarter report. The earnings release has triggered a big rally for the stock today, and its share price is now up roughly 50% year to date as of this writing.
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CoreWeave topped Wall Street's Q2 estimates
CoreWeave reported a non-GAAP (adjusted) loss of $1.14 per share on sales of $2.58 billion in the second quarter, topping the average Wall Street analyst estimate's call for a per-share loss of $1.21 on sales of $2.56 billion. While the company's adjusted net loss expanded to roughly $567 million from $113 million in the year prior, revenue increased approximately 112.% compared to the prior-year period. The company's Q2 sales and earnings beats are playing a role in today's stock gains, but management's forward guidance is the more important catalyst.
NASDAQ: CRWV
Key Data Points
What's next for CoreWeave?
CoreWeave anticipates that sales in the current quarter will be between $3.45 billion and $3.6 billion, and the artificial intelligence data center company also raised its full-year guidance. The company now expects that it will achieve 1.85 gigawatts of active power by the end of this year -- up from its prior target for 1.7 gigawatts of active power.
Management also raised its sales target for the year from between $12 billion and $13 billion to between $12.4 billion and $13.2 billion and adjusted its operating income target from between $900 million and $1.1 billion to between $960 million and $1.15 billion. The company's Q2 release shows that demand for AI-related cloud processing is continuing to expand at robust levels, and a wide range of investment firms have increased their price targets on the stock following the report.
