OpenAI's quarterly revenue rose about 50% to $10 billion in the third quarter, the first time the ChatGPT maker has crossed that threshold in a single quarter, the Wall Street Journal reported on Tuesday, citing documents shared with investors.
But the company continued to post steep operating losses. The operating loss widened to $10.9 billion from $10.1 billion in the prior quarter, the Journal reported. OpenAI told investors its adjusted operating margin improved to -109% from -150% in the prior quarter, meaning it lost about $1.09 for every $1 earned, down from $1.50.
The figures were shared with investors on a call on Nov. 10. OpenAI did not immediately respond to a Reuters request for comment.
Chief Financial Officer Sarah Friar called it a "blockbuster quarter" and put OpenAI's annual revenue run rate at roughly $50 billion. Enterprise revenue doubled quarter over quarter and now makes up roughly half of total revenue, while consumer sales rose about 20% quarter over quarter. Paid subscriptions passed 100 million, and ChatGPT has 1.2 billion weekly active users.
The disclosure comes as investors closely scrutinize the finances of AI companies, including rival Anthropic as it prepares for an IPO that could value the AI startup at about $1.4 trillion. Anthropic recently reported third-quarter revenue of $17 billion and an operating loss of $567 million.
OpenAI's reported figures exclude stock-based compensation, which reached $2.6 billion in the third quarter, according to a person familiar with the matter cited by the Journal. In the third quarter of last year, OpenAI reported sales of $3.9 billion and an operating margin of -97%.
