Here’s how the company did:<\/p>\n
- \n
- Loss per share:<\/strong> 22 cents<\/li>\n
- Revenue:<\/strong> $193.4 million<\/li>\n<\/ul>\n
The company’s revenue increased 92% in the first quarter from $99.5 million a year earlier, according to a statement<\/a>. Net loss narrowed to $14 million from $23.9 million, or 46 cents per share, a year ago.<\/p>\n
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.<\/p>\n
The shares have since dropped 28%, closing on Tuesday at $226.72.<\/p>\n
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. <\/p>\n
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.<\/p>\n
Founded in 2015, the Cerebras raised over $6 billion in the offering, the most for a U.S. technology company since Uber<\/a>‘s debut in 2019.<\/p>\n
Cerebras is trying to challenge AI chip leader Nvidia<\/a> in one corner of the market, and it also operates a service for running AI models through data centers filled with its processors.<\/p>\n
Cerebras enjoys a performance advantage in part by packing many times more SRAM memory on its chip than Google’s<\/a> latest tensor processing unit<\/a> or the Groq 3<\/a> LPU chip that Nvidia announced in March, Mizuho said in a June 8 note to clients.<\/p>\n
During the first quarter, Cerebras said its chips will go inside Amazon<\/a> Web Services’ data centers, and it announced a deal<\/a> worth over $20 billion to supply OpenAI with computing power.<\/p>\n
Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET.<\/p>\n
WATCH:<\/strong> Options Action: Big moves priced into Micron and Cerebras options<\/a><\/p>\n
- Revenue:<\/strong> $193.4 million<\/li>\n<\/ul>\n
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