Cerebras Reports 92% Revenue Growth
Cerebras reports 92% revenue growth in its first earnings report since IPO, with revenue increasing to $99.5 million from a year earlier
Cerebras reported financials for the first time since its IPO in May. Revenue increased 92% from a year earlier. The artificial intelligence chipmaker saw its stock pop out of the gate, but the shares are down 28% since then. Cerebras said revenue almost doubled in the AI chipmaker's first earnings report since its initial public offering last month.
The stock fell 5% in extended trading. 5 million a year earlier, according to a statement. 9 million, or 46 cents per share, a year ago. Capitalizing on investor interest in infrastructure for running AI models, Cerebras went public on the Nasdaq in May.
07. 72. S. technology company since Uber 's debut in 2019.
3 billion For the second quarter, Cerebras said it expects core revenue growth of 88% from a year earlier to $914 million. 5 million and $865 million, representing 69% growth at the midpoint. Cerebras is trying to challenge AI chip leader Nvidia in one corner of the market, and it also operates a service for running AI models through data centers filled with its processors. Cerebras enjoys a performance advantage in part by packing many times more SRAM memory on its chip than Google's latest tensor processing unit or the Groq 3 LPU chip that Nvidia announced in March, Mizuho said in a June 8 note to clients.
During the first quarter, Cerebras said its chips will go inside Amazon Web Services' data centers, and it announced a deal worth over $20 billion to supply OpenAI with computing power. m. ET. WATCH: Options Action: Big moves priced into Micron and Cerebras options