AI chipmaker Cerebras drops 11% after releasing first public earnings report

CoinFeed June 24 news, according to CoinDesk, AI chipmaker Cerebras Systems projected in its first post-IPO earnings report that core gross margin will fall to 36%-38% next quarter, down from 46.5% this quarter, sending shares down 11% in after-hours trading. Q1 revenue grew 92% year-over-year to $193.4 million, with an adjusted net loss of $2.5 million, beating analyst expectations of a $36.75 million loss. Cerebras raised $6 billion in its May IPO at $185 per share; the stock once surged to $385 before retreating, trading at $201.55 after hours.