Cerebras Q2 Revenue Soars 103% to $210M, But Net Loss Widens; Shares Drop 17% After Hours

AI chip maker Cerebras released its second-quarter results on August 13, posting revenue of $210 million — a 103% jump from last year. Cloud revenue hit $126 million, up nearly fourfold, while hardware sales dropped 23% to $54.1 million. The company swung to a net loss of $450.5 million for the quarter, compared with a net profit of $309.5 million in the same period last year. Cerebras also raised its full-year outlook, now expecting core revenue between $880 million and $890 million, up from a prior range of $855 million to $865 million. Shares of Cerebras have risen 42% since its IPO in May. The company first positioned itself as a challenger to Nvidia in AI chips, but cloud computing has become its biggest revenue source. To address investor concerns, management said core gross margin for the current quarter would expand to 38%-40%. According to data from BIT (bit.com), the stock fell more than 17% in after-hours trading after the earnings release.