AI chip maker Cerebras's share price fell 11% after hours after its first post-IPO earnings report

On June 24, AI chip maker Cerebras Systems released its first financial report after completing its IPO in May this year. Its share price fell 11% in after-hours trading as the company expected lower profit margins in the next quarter. The financial report showed that revenue in the first quarter reached US$193.4 million, almost doubling from the same period last year; the adjusted net loss was US$2.5 million, far better than analysts had expected a loss of US$36.75 million. For the second quarter, the company expects revenue of approximately $194 million. However, investors are currently paying more attention to the performance of core gross margin. Cerebras expects core gross margins to be between 36% and 38% in the second quarter, down from 46.5% in the first quarter. Cerebras completed its IPO in May this year at $185 per share, raising US$6 billion. The stock price soared to a high of $385 after listing, but then continued to fall. The stock price is now down further 11% after hours to $201.55.