Nebius reported a 40% year-over-year increase in capital expenditures to $75 million, driven by accelerated investment in infrastructure and technology upgrades. Revenue for the quarter fell 5% to $310 million, missing analyst consensus by $10 million and reflecting slower demand in key markets.

Following the earnings release, Nebius shares dropped over 8% as investors weighed the impact of elevated spending against the top-line shortfall. Management has signaled a review of its spending priorities and indicated that guidance may be adjusted when full-year targets are announced.