CoreWeave stock slumps 18% on wider-than-expected loss ahead of lock-up expiration

In this articleCRWV your favorite stocksCREATE FREE ACCOUNTwatch now1:5201:52CoreWeave s fall on Q2 results despite revenue & guidance above analyst forecastsSquawk on the StreetCoreWeave's stock dropped 18% after the renter of artificial intelligence data centers reported a bigger-than-expected loss.In its second quarterly financial results as a public company, CoreWeave reported an adjusted loss of 27 cents per , compared to a loss of 21 cents per expected by analysts polled by LSEG.CoreWeave's results came as the lock-up period ing its initial public offering is set to expire Thursday evening and potentially add volatility to s

The term refers to a set period of time ing a market debut in which insiders are restricted from selling s."We remain constructive long term and are encouraged by today's data points, but see near-term upside capped by the potential CORZ related dilution and uncertainty, and the pending lock-up expiration on Thursday," wrote analysts at Stifel, referencing the recent acquisition of Core Scientific.s of Core Scientific fell 7% Wednesday.In the current quarter, the company jects $1.26 billion to $1.30 billion in revenue

Others highlighted light capital expenditures guidance and a delay in some spending until the fourth quarter as a potential point of weakness."This delay in capex highlights the uncertainty around deployment time; as go- timing is pushed, in-period revenue recognition will be smaller," wrote analysts at Morgan Stanley.The AI infrastructure vider said revenue more than tripled from a year ago to $1.21 billion as it continues to benefit from surging AI demand

Finance chief Nitin Agrawal also said during a call with analysts that demand outweighs supply.The New Jersey-based company, whose customers include OpenAI, Microsoft and Nvidia, also said it has recently signed expansion deals with hyperscale customers.CoreWeave acquired AI model-monitoring startup Weights and Biases for $1.4 billion during the period and said it the quarter with a $30.1 billion revenue backlog.— CNBC's Jordan Novet contributed reporting.Don’t miss these insights from CNBC Nvidia gets price target hike from Goldman Sachs ahead of earningsA bearish 'double top' pattern just formed in the Dow