Lates News

AI chip manufacturer Cerebras reported revenue of $210 million in the second quarter, a year-on-year increase of 103%. Among this, cloud business revenue reached $126 million, nearly quadrupling year-on-year, while hardware sales fell 23% compared to the same period last year, totaling $54.1 million. The company recorded a net loss of $450.5 million for the quarter, compared to a net profit of $309.5 million in the same period last year. The company has raised its full-year performance guidance, now expecting core revenue to be between $880 million and $890 million, up from the previous expectation of $855 million to $865 million. This report presents a mixed situation for investors, as Cerebras' stock price has increased by 42% since its IPO in May. The company was initially positioned as a challenger to Nvidia in the artificial intelligence chip sector, but its largest source of revenue is now cloud computing. Cerebras stated that core gross margins are expected to expand to 38% to 40% this quarter in response to investor concerns. After the earnings report was released, Cerebras' stock price initially dropped over 17% in after-hours trading.