What caused the drop in NBIS's earnings from Q4 2022 to Q2 2023?

Nebius Group's earnings dropped from $90 million in Q4 2022 to $37.9 million in Q2 2023, as reported in the latest data available. The decline in earnings can be attributed to several factors:

1. **Strategic Shift and Customer Migration**: NBIS focused on transitioning customers to its new AI-platform, which led to a temporary dip in revenue. The company reported a lower Annual Recurring Revenue (ARR) in the December quarter, which contributed to the decline in earnings.
2. **Operational Cash Outflows**: Despite the revenue surge, NBIS reported operational cash outflows of $319.6 million for the year, which could have impacted its overall financial health and profitability.

In summary, the drop in NBIS's earnings from Q4 2022 to Q2 2023 was likely a result of strategic shifts, customer migration, and operational cash outflows.