Summary by Moomoo AI
Nebius Group N.V. announced strong Q3 2024 results, with revenue surging 766% YoY to $43.3 million. The core AI infrastructure business grew 6.5 times YoY, driving two-thirds of total revenue. Cash and equivalents stood at $2.29 billion as of September 30.Capital expenditures totaled $167 million in Q3, with Q4 expected to exceed the first nine months' $387.6 million as investments in GPU procurement and data center expansion accelerate. The customer base expanded to over 40 managed clients, up from 30 in Q2. Nebius began executing its $1 billion AI infrastructure investment plan across Europe.The company resumed equity grants under its amended Incentive Plan, approving 8.9 million Class A share awards in October. Nebius also appointed Goldman Sachs to review strategic options for accelerating growth in its core AI business. Trading of the company's shares on Nasdaq resumed on October 21, 2024.
