From CNBC, June 23:
- Cerebras reported financials for the first time since its IPO in May.
- Revenue increased 92% from a year earlier.
- The artificial intelligence chipmaker saw its stock pop out of the gate, but the shares are down 28% since then.
Cerebras said revenue almost doubled in the AI chipmaker’s first earnings report since its initial public offering last month. The stock fell 10% in extended trading as the company forecast a drop in its gross margin.
Here’s how the company did:
- Loss per share: 22 cents
- Revenue: $193.4 million
The company’s revenue increased 92% in the first quarter from $99.5 million a year earlier, according to a statement. Net loss narrowed to $14 million from $23.9 million, or 46 cents per share, a year ago.
Capitalizing on investor interest in infrastructure for running AI models, Cerebras went public on the Nasdaq in May. After pricing its IPO at $185, Cerebras saw its stock open at $350 and close at $311.07.
The shares have since dropped 28%, closing on Tuesday at $226.72.
Cerebras said its core gross margin, or the profit left after accounting for the cost of goods sold, will shrink to between 36% and 38% in the second quarter from 46.5% in the first.
The company said it expects core revenue growth of 88% from a year earlier to $914 million. And full-year core revenue will be between $855.5 million and $865 million, representing 69% growth at the midpoint, Cerebras said....
....MUCH MORE
$195.90 down $30.82 (-13.59%) in early pre-market trade.
