Cerebras reports 92% revenue growth in chipmaker's first earnings report since IPO

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. Here's how the company did: - Loss per share: 22 cents - Revenue: $193.4 million The company's revenue increased 92% in the first quarter from $99.5 million a year earlier, according to a statement. Net loss shrank to $14 million from $23.9 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. After pricing its IPO at $185, Cerebras saw its stock open at $350 and close at $311.07. The shares have since dropped 28%, closing on Tuesday at $226.72. Founded in 2015, the Cerebras raised almost $6 billion in the offering, the most for a U.S. technology company since Uber's debut in 2019. For the second quarter, Cerebras said it expects core revenue growth of 88% from a year earlier to $914 million. And the company said full-year core revenue will be between $855.5 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. Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET. WATCH: Options Action: Big moves priced into Micron and Cerebras options