Nebius cuts outlook after data center delays, shares fall over 16%

On the evening of November 12, 2026, the AI cloud provider Nebius Group released its third-quarter 2026 results, reporting revenue of $980.8M, up 571% year over year and roughly 8.1% above the $907.5M consensus estimate. Cumulative revenue for the first nine months of the year reached $1,962.1M, a 549% increase year over year. A separate report noted that adjusted EBITDA for the quarter came in at $466M, a sharp improvement from a loss of $5.2M in the same period a year earlier, with revenue and profit both beating expectations. That outlet, however, cited a revenue expectation of $919M and a 6.7% beat, which does not match the $907.5M estimate reported elsewhere.

The market response turned negative shortly after the results. Nebius lowered its annual recurring revenue, or ARR, target from reaching $7B to $9B by December 2026 to reaching more than $7B by February 2027, and stated that ARR is no longer the right metric for measuring the business. At the same time, the company significantly raised its planned 2026 capital expenditure. One report said shares fell more than 14% in premarket trading, adding that CoreWeave dropped about 10% premarket the same day and that some market participants linked the decline to broader pressure across the semiconductor and cloud sectors. CNBC reporter Jordan Novet later reported that Nebius stock fell more than 16% on Thursday, and a follow-up account citing CNBC confirmed that the Amsterdam-based AI cloud company's shares dropped 16% on Thursday after cutting its outlook for the year and raising its spending plans, despite quarterly revenue that beat analyst estimates.