Nebius beats Q3 revenue forecasts but shares drop despite strong growth

Nebius reported third-quarter revenue of $980.8 million, beating analyst estimates of $907.5 million, but its shares fell despite the strong results. The company posted a net loss of $37.5 million, or 13 cents per share, compared with a loss of $119.6 million a year earlier, while revenue surged 571% year over year. The results follow better-than-expected earnings from fellow neoclouds CoreWeave and IREN, which had boosted their stocks after recent selloffs. Nebius faces broader industry volatility, including political restrictions on data center development and uncertainty around Nvidia, which held about $329 million in Nebius shares. The company raised $5.75 billion in debt financing during the quarter.