In its first earnings report since its May IPO, Cerebras Systems (CBRS) is down 11% after hours after reporting lower profit margins next quarter.
First-quarter revenue nearly doubled from a year ago to $193.4 million, and the company’s adjusted net loss of $2.5 million beat analysts’ forecasts of $36.75 million.
For the second quarter, the company was targeting revenue of $194 million, but investors, for now, seem focused on core gross margin: the company expects 36% to 38% in the second quarter, up from 46.5% in the first.
Cerebras raised $6 billion in an IPO in May at a price of $185 per share. The stock rose as high as $385 shortly after its IPO, but has since fallen back. It’s still down 11% after hours, at $201.55.
