Cerebras falls 10% after chipmaker forecasts shrinking margin in 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 10% in extended trading as the company forecast a drop in its gross margin.

The company’s revenue increased 92% in the first quarter from $99.5 million a year earlier, according to a statement. Net loss narrowed to $14 million from $23.9 million, or 46 cents per share, a year ago.

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.