We recently published 10 Stocks Suffer Heavy Selling Pressure. Nebius Group N.V. is one of the worst-performing stocks on Wednesday.
Nebius dropped its share prices for a third straight day, shedding 7.69 percent to close at $94.36 apiece as investor sentiment was dampened by a disappointing earnings performance in the third quarter of the year, alongside plans to raise new funds through a billion-dollar share sale.
In an updated report, Nebius Group N.V. said it widened its net loss by 26 percent to $119.6 million from $94.2 million in the same period last year, despite revenues expanding by 355 percent to $146.1 million from $32.1 million year-on-year.
Additionally, Nebius Group N.V. said it has readied plans to issue 25 million Class A shares, which would be sold through an at-the-market (ATM) offer. Details of the prospectus were not divulged, but if based on the company’s latest closing price, the share sale could be worth more than $2 billion.
“We will evaluate the program regularly based on our capital needs. The program enables us to access equity funding on an efficient ongoing basis; however, we will remain dilution-sensitive as we prepare to finance future growth opportunities,” the company said.
Photo by Andrea De Santis on Unsplash
Lastly, Nebius Group N.V. announced that it bagged a $3 billion deal with Meta to deliver infrastructure for its AI efforts.
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This article is originally published at Insider Monkey.
