盘后暴跌10%！AI需求促CoreWeave Q2营收增两倍、上调全年指引，但亏损超预期

Core Viewpoints - CoreWeave's Q2 revenue exceeded expectations, reaching $1.213 billion, a year-over-year increase of 206.7%, but the growth rate slowed compared to Q1's 420% [8][15] - The company reported a larger-than-expected EPS loss of -$0.6, which was narrower than the previous quarter's loss of -$1.49 but did not meet analyst expectations [9][15] - Despite strong AI demand, the guidance for Q3 operating profit is lower than analysts' expectations, indicating mixed signals for future performance [12][19] Financial Performance - Q2 revenue reached $1.213 billion, surpassing analyst expectations of $1.08 billion, but the growth rate was lower than Q1 [8][15] - The diluted EPS for Q2 was -$0.6, a 63% improvement year-over-year, but less than the anticipated 68% reduction [9][16] - Net loss for Q2 was $290 million, a 10% year-over-year improvement, while Q1 saw a 143% increase in losses [10][16] - Adjusted operating profit for Q2 was approximately $200 million, a 134% increase year-over-year, but significantly lower than Q1's growth [11][15] Guidance and Expectations - Q3 revenue is projected to be between $1.26 billion and $1.3 billion, exceeding analyst expectations of $1.25 billion [12][17] - Full-year revenue guidance has been raised by at least 5%, now expected to be between $5.15 billion and $5.35 billion [12][18] - Q3 capital expenditures are expected to be between $2.9 billion and $3.4 billion, with full-year capital expenditures remaining unchanged at $20 billion to $23 billion [13][19] Market Position and Strategy - CoreWeave is positioned as the first company to provide a complete Blackwell GPU product suite, with CEO highlighting unprecedented AI demand [20][21] - The company has seen a stock price increase of over 240% since its IPO, reflecting investor confidence in its AI-related spending [6][21] - CoreWeave is a key partner of NVIDIA, holding a 7% stake from NVIDIA, and has secured significant contracts with OpenAI [22][21] Risks and Market Sentiment - Following the earnings report, CoreWeave's stock price fell over 10%, indicating market disappointment despite strong revenue growth [4][6] - The upcoming expiration of the IPO lock-up period may lead to increased selling pressure on the stock, with 83% of Class A shares becoming available for trading [23][24] - Analysts remain optimistic about CoreWeave's fundamentals and its ability to absorb the impact of increased share availability [25]