In its first earnings report since its May initial public offering, Cerebras Systems (CBRS) was down 11% in after-hours trading after having pointed to lower profit margins next quarter.
First-quarter revenue nearly doubled from the year-earlier level to $193.4 million, and the company’s adjusted net loss of $2.5 million beat analyst forecasts of $36.75 million.
For the second quarter, the company posted revenue of $194 million, but investors, for now, seem focused on core gross margin: The company expects 36% to 38% in the second quarter versus 46.5% in the first.
Cerebras raised $6 billion in a May initial public offering (IPO) at a price of $185 per share. The stock shot up to $385 shortly after going public, but has since retreated. It is down another 11% in after-hours trading to $201.55.
