tech
Cerebras Falls 10% After Chipmaker Forecasts Shrinking Margin in First Earnings Report Since IPO
Cerebras Went Public on the Nasdaq in May, Giving Wall Street Access to a Pureplay AI Company.
TL;DR
- Cerebras' revenue almost doubled in its first earnings report since its IPO.
- The stock fell 10% after the company forecast a drop in its gross margin.
- Revenue increased 92% year-over-year to $193.4 million in the first quarter.
- Net loss narrowed to $14 million from $23.9 million.
- The company expects its core gross margin to shrink to 36%-38% in the second quarter from 46.5% in the first.
- Cerebras aims to challenge Nvidia in the AI chip market.
- The company announced its chips will be used in Amazon Web Services data centers and a deal to supply OpenAI with computing power.