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00:02Coreweave reported third-quarter revenue of $3.7 billion,
00:07beating Wall Street's expectations of $3.6 billion, according to The Wall Street Journal.
00:12The AI cloud computing company reported a backlog of $133 billion,
00:18exceeding estimates of $131 billion.
00:22Coreweave also projected fourth-quarter revenue and interest costs slightly above expectations.
00:27The company's shares have fallen more than 50% since August,
00:32amid concerns about rising borrowing costs, and its unsecured debt now yields around 15%.
00:38CEO Michael Intrator said Coreweave expects nearly $9 billion in customer prepayments
00:45and deposits over the next three months.
00:47Coreweave's overall borrowing costs remain far above the 3% annual returns generated by its data centers,
00:54according to Davidson analyst Gil Luria.
00:57NVIDIA, which owns a 12.8% stake in Coreweave, remains a key financial backer.
01:03Shares rose nearly 2% in after-hours trading on Tuesday.
01:07For all things money, visit Benzinga.com.
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