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Cerebras Reports $193 Million Revenue and $14 Million Net Loss in First Quarter
The AI chipmaker posted a narrower net loss and 92% revenue growth in its first earnings report since going public. Shares fell 7% in extended trading after the results.
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Cerebras reported revenue of $193.4 million for the first quarter, up 92% from $99.5 million a year earlier, according to CNBC. The company posted a net loss of $14 million, or 22 cents per share, compared with a loss of $23.9 million, or 46 cents per share, in the same period last year. Cerebras went public on the Nasdaq in May, pricing shares at $185.
The stock opened at $350 on the first day of trading and closed at $311.07. Shares have since fallen 28% and closed Tuesday at $226.72. The company raised more than $6 billion in the offering, the largest for a U.S.
Technology firm since Uber's 2019 IPO. Cerebras was founded in 2015. It projects full-year core revenue between $855.5 million and $865 million, representing 69% growth at the midpoint.
During the quarter, Cerebras announced a deal worth more than $20 billion to supply computing power to OpenAI. It also said its chips will be placed in Amazon Web Services data centers. Cerebras shares fell 7% in extended trading after the report.
Executives are scheduled to discuss results on a conference call at 5 p.m. ET.
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