Overview
- Revenue rose to $1.36 billion versus $1.29 billion expected, and the revenue backlog climbed to $55.6 billion as multibillion‑dollar AI infrastructure deals accelerated.
- Net loss narrowed to $110 million, or 22 cents per share, from about $360 million a year earlier, while the company reported adjusted results ahead of forecasts.
- Management guided 2025 revenue to $5.05 billion–$5.15 billion, down from $5.15 billion–$5.35 billion previously, citing a delay at a third‑party data‑center partner; the affected customer extended the contract term to preserve total value.
- Shares fell in extended trading following the outlook cut, as investors also parsed margin pressure, with adjusted operating margin at 16% versus 21% a year ago, and a capex plan of $12–$14 billion for 2025 with spending projected to more than double the following year.
- Growth remains anchored by large customers, including a six‑year deal with Meta worth up to $14 billion and an expanded OpenAI agreement now exceeding $22 billion, with contracted power reaching 2.9 gigawatts.