Cerebras revenue jumps 92% in first post-IPO report; shares drop 10% after gross margin outlook

According to CNBC, Cerebras Systems said first-quarter revenue rose 92% year over year to $193.4 million and net loss narrowed to $14 million, or 22 cents per share. Shares fell 10% in extended trading after the AI chipmaker forecast second-quarter core gross margin of 36% to 38%, down from 46.5% in the first quarter. The company said it expects core revenue growth of 88% from a year earlier to $914 million and projected full-year core revenue of $855.5 million to $865 million. Cerebras went public on the Nasdaq in May after pricing its IPO at $185, with the stock opening at $350 and closing at $311.07 on its first day; the shares have since fallen 28% and closed Tuesday at $226.72. The company said its chips will go inside Amazon Web Services data centers and it announced a deal worth over $20 billion to supply OpenAI with computing power.