Cerebras posts mixed Q2 financial results, shares drop 17% in after-hours trading.
1 hours ago
AI chip manufacturer Cerebras reported Q2 revenue of $210 million, up 103% year-over-year (YoY). Of that, cloud business revenue reached $126 million, surging nearly 4x YoY, while hardware sales fell 23% YoY to $54.1 million. The quarter saw a net loss of $450.5 million, compared to a net profit of $309.5 million in the year-ago period. The company raised its full-year performance guidance, now projecting core revenue to land between $880 million and $890 million, up from the prior range of $855 million to $865 million. The earnings report delivered a mixed picture for investors: since its IPO in May, Cerebras’ stock price has climbed 42%. Initially positioned as a challenger to Nvidia in the AI chip sector, the firm’s largest revenue stream now comes from cloud computing. In response to investor concerns, Cerebras noted its core gross margin for the quarter would expand to 38% to 40%. Per market data from BIT (bit.com), Cerebras’ stock fell more than 17% in after-hours trading following the earnings release.
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