In its first earnings report since its May IPO, Cerebras Systems ( CBRS ) is down 11% in after-hours trading after guiding for lower profit margins next quarter.
First-quarter revenue nearly doubled from a year earlier 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 guided for revenue of $194 million, but investors for now appear to be focused on core gross margin — the company expects 36%-38% in the second quarter versus 46.5% in the first.
Cerebras raised $6 billion in an initial public offering in May at $185 a share. stock. The stock rose as high as $385 shortly after the IPO, but has since retreated. That’s down another 11% in after-hours trading to $201.55.
