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On August 12th, CoreWeave (CRWV.O) rose 12% in after-hours trading on Tuesday after reporting second-quarter revenue of $2.58 billion, a 112% year-over-year increase, exceeding Wall Street expectations and indicating continued rapid growth in demand for AI computing power. Net loss was $626 million, higher than the $290 million loss in the same period last year. The company currently has a $104 billion order backlog and 1.5 gigawatts of capacity under construction. CoreWeave is accelerating its expansion in the data center business, competing with cloud computing giants such as Amazon, Google, and Microsoft for the market of data centers equipped with chips capable of running generative AI models. However, CoreWeave is not yet profitable. As of the end of the quarter, the companys balance sheet showed $35 billion in debt, used to pay for Nvidia GPUs and other equipment purchases. Meta announced an additional $21 billion investment in CoreWeave this quarter. In addition, CoreWeave announced a multi-year partnership agreement with Anthropic and secured $6 billion in committed funding from quantitative trading firm Jane Street.Market news: Putin has arrived in Yuzhno-Sakhalinsk, Russia, to participate in the final phase of the Pacific Fleets military exercises.Coreweave (CRWV.O) shares rose 10% in after-hours trading.The API reported that U.S. crude oil production increased by 34,000 barrels per day in the week ending August 7, compared to a decrease of 112,000 barrels per day in the previous week.U.S. refined product imports for the week ending August 7 were 196,000 barrels per day (API), compared to a -206,000 barrels per day in the previous week.

As Leisure Travel Recovers, Australia's Qantas Will Acquire The Bulk of TripADeal

Charlie Brooks

May 24, 2022 09:22

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Australia's Qantas Airways announced on Tuesday that it will acquire a 51 percent stake in online travel operator TripADeal for an unknown sum in an effort to capitalize on the revival of demand for packaged vacations.


In recent months, easing COVID-19 and a revival in leisure travel have fueled a boom in the internet holiday booking business.


The agreement contains a provision for Qantas to acquire full ownership of TripADeal in four years and is expected to contribute to the national flag carrier's 2024 earnings targets.


It would enable regular fliers in the airline's reward program to redeem their points for any TripADeal vacation package, according to the Sydney-based company.


It said that Qantas Loyalty aimed for a return to double-digit growth in 2022 and underlying earnings before income tax of $500 million to $600 million by fiscal 2024.


Qantas said earlier this month that it would acquire the remaining ownership in Alliance Aviation Services for A$610.8 million to increase its footprint in the charter industry.

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