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CoreWeave Revenue Surge and Guidance Adjustment
CoreWeave (NASDAQ: CRWV) reported a significant revenue increase for Q3 2023, with earnings more than doubling to $1.36 billion, up from $583.9 million a year earlier, surpassing analyst expectations of $1.29 billion. However, the company lowered its full-year revenue guidance from a range of $5.15 billion to $5.35 billion to $5.05 billion to $5.15 billion due to delays in the delivery of a powered shell for one of its data centers.
Financial Highlights
The company generated a strong operating cash flow of $1.69 billion compared to $641.2 million in Q3 of the previous year. Despite this, free cash flow was negative $1.6 billion, with nearly $3.3 billion spent on capital expenditures. At the end of Q3, CoreWeave held $1.9 billion in unrestricted cash and investments against $14 billion in debt.
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