Key facts
- Cerebras reported Q1 revenue of $193.41 million, nearly doubling from $99.5 million a year ago.
- The company posted a Q1 loss of 4 cents per share, better than the estimated 16-cent loss.
- Core total revenue increased 92% year-over-year to $191.3 million.
- Cerebras expects full-year revenue between $855 million and $865 million.
- Despite revenue and earnings beats, the stock fell 7.37% in extended trading to $210.
Cerebras Systems Inc. (NASDAQ:CBRS) reported its first quarterly earnings as a public company, with revenue nearly doubling year-over-year and beating analyst expectations. The company posted a first-quarter loss of four cents per share, which was better than the estimated 16-cent loss. Core total revenue increased 92% year-over-year to $191.3 million, driven by a 60% increase in hardware revenue to $111.6 million and a 167% surge in cloud and other services revenue to $79.8 million. The company forecasts full-year revenue between $855 million and $865 million, representing 69% growth. Despite these positive financial results, the stock fell 7.37% in extended trading to $210. The company's backlog stands at $24.6 billion. Cerebras's IPO in May priced at $185 a share, raising $5.55 billion, and the stock briefly reached an intraday high of $385 before declining.