OpenAI reports steep losses despite quarterly revenue rise
Detailed summary
OpenAI's quarterly revenue rose about 50% to $10 billion in the third quarter. However, the group behind ChatGPT continued to post steep operating losses, according to the Wall Street Journal.
According to documents viewed by The Wall Street Journal, OpenAI told investors that its adjusted operating margin improved to -109% from -150% in the previous quarter.The company's operating losses, however, widened to $10.9 billion (€9.72bn) from $10.1 billion (€9.01bn), the WSJ reported on Tuesday.The disclosure comes as investors closely scrutinise the finances of AI companies, including rival Anthropic, which is preparing for an IPO that could value it at around $1.4 trillion (€1.25trn).The stock market debut will be the first by one of the leading AI model developers and is being seen as a gauge of how long the AI spending boom lifting the US economy can last.The maker of the Claude…
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