Nebius Group (NBIS) shares have fallen to a four-month low ahead of the company’s third-quarter earnings report, scheduled for November 12. [1] The decline has continued amid concerns that key clients, including Meta and Microsoft, may be reassessing their ties with the company. [1, 4]
Options markets are pricing in a potential post-earnings share-price swing of more than 20%. [1, 4] Analysts forecast third-quarter revenue of around $905 million, a significant increase year over year. [1, 2, 3] Investors remain concerned about profitability, the balance sheet and customer concentration risk. [1, 2, 3]
The sell-off has also been linked to broader uncertainty around AI-related stocks following the midterm elections and questions about how data-center buildouts will be financed. [1, 7] Investors are looking to the earnings call for updates on capacity guidance and spending. [3, 8]