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Nebius Group N.V. Releases Q3 2024 Financial Results
Nebius Group N.V., an Amsterdam-based AI infrastructure company, reported significant growth for Q3 2024. The company's revenue climbed to USD 43.3 million, up 76.6% from USD 5.0 million in Q3 2023. The core AI infrastructure business was the primary growth driver, expanding 2.7 times quarter-on-quarter and contributing to a year-on-year revenue rise of 650%.
The company holds USD 2,288.2 million in cash and plans to boost capital expenditures in Q4 2024 to support business expansion. Nebius is investing over USD 1 billion in AI infrastructure, including expanding its data center in Finland to accommodate 60,000 GPUs.
The Group's net loss from continuing operations decreased by 46% to USD 51.8 million compared to the same period last year. In addition, Nebius strengthened its strategic position with new products and partnerships to capitalize on market opportunities in AI and autonomous driving.
R. E.
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