The Zhitong Finance App learned that on Thursday, the “Nvidia Challenger” Cerebras Systems (CBRS.US) opened, plummeted by more than 15% and is now reported at $226.20. According to the news, AI chip star Cerebras Systems announced second-quarter results that fell short of expectations. According to the data, the company's Q2 revenue increased 74% year over year to US$180.1 million. Analysts had anticipated a loss of US$194 million; a loss of US$2.98 per share; analysts had previously anticipated a loss of $0.17 per share. By business, hardware revenue for the second quarter fell 23% year over year to $54.1 million. This shows that this startup with an innovative chip design architecture is still facing challenges in the commercialization process. However, cloud and other services revenue reached a record high of $126 million, up 281% year over year. The core gross margin for the second quarter was 41%, an increase of about 940 basis points over the same period last year.
Andrew Feldman, CEO of Cerebras, said: “The hardware business will be volatile in terms of the timing of order delivery and revenue recognition. This is due to the nature of the industry.” He added that some customers are currently unprepared to accommodate the data center space needed to accommodate the new computing systems.
Looking ahead, Cerebras expects third-quarter revenue of around $215 million, higher than analysts' average forecast of $212 million; core gross margin is expected to be 38% to 40%, which is also higher than the average analysts' 36% forecast. The company raised its annual revenue guide to US$880 million to US$890 million. The company's previous forecast was US$855-865 million, while analysts generally expected US$867.6 million. The company also expects core gross margin of 41% to 43% for the full year.