CoreWeave, a cloud computing company, has raised its annual revenue forecast. Will this reassure investors?

CoreWeave, a provider of computing power for artificial intelligence, beat analysts’ expectations for the quarter and raised its full-year forecast. According to Bloomberg, this move eased investors’ concerns about a potential slowdown in the business. CoreWeave’s stock jumped 5% in after-hours trading following the earnings release, then pared some of its gains, closing up about 2.4%.

In the third quarter, CoreWeave's revenue rose to $3.66 billion. Analysts had expected an average of $3.56 billion, according to data compiled by Bloomberg. The company reported a loss of $1.27 per share, compared with the projected $1.46 per share.

The company reported that revenue this year will range from $13 billion to $13.3 billion. Previously, CoreWeave had forecast revenue with an upper limit of $13.2 billion.

This news story is being updated.

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