CoreWeave shares sink 9%, hit by weak guidance despite $100B backlog

CoreWeave reported first-quarter revenue of $2.08 billion.

This figure more than doubled year-over-year and beat analyst estimates of $1.97 billion. The company reached a record revenue backlog approaching $100 billion.

CoreWeave posted an adjusted loss of $1.12 per share. Analysts had expected a narrower loss of $0.91 per share. The company projected second-quarter revenue between $2.45 billion and $2.6 billion. This guidance fell short of the $2.7 billion analyst consensus.

Shares fell approximately 9% in extended trading following the May 7 announcement. The earnings miss and weak forecast drove the negative market reaction.