AI chip manufacturer Cerebras' first post-IPO earnings report released, stock price fell 11% in after-hours trading

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Golden Finance News reported that on June 24, after completing an IPO in May this year, AI chip maker Cerebras Systems released its first financial report. As the company expects profit margins to decline in the next quarter, its stock fell 11% in after-hours trading.
The financial report showed that first-quarter revenue reached $193.4 million, nearly doubling compared with the same period last year; the adjusted net loss was $2.5 million, much better than the $36.75 million loss analysts had previously expected.
For the second quarter, the company expects revenue of approximately $194 million. However, investors are currently more focused on the performance of core gross margin. Cerebras expects its core gross margin for the second quarter to be between 36% and 38%, down from 46.5% in the first quarter.
Cerebras completed its IPO in May this year at a price of $185 per share, raising $6 billion. After going public, the stock price once surged to a high of $385, but then continued to fall steadily. Currently, the after-hours stock price has further dropped 11%, to $201.55.
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