Cerebras Systems Inc. (NASDAQ:CBRS) shares are trading lower Wednesday after the company reported first-quarter financial results on Tuesday after the market closed.
- Cerebras shares are approaching critical lows. Why are CBRS shares at support?
Q1 Highlights
Cerebras reported an adjusted loss of 4 cents per share, beating the consensus estimate of a 16 cent-loss. In addition, it reported revenue of $193.40 million, beating the consensus estimate of $181.59 million.
Revenue grew 94% year-over-year, with hardware revenue up 59% and cloud and other services revenue up 178%. Gross margin came in at 45%. The company ended the quarter with $3.3 billion in cash, cash equivalents, restricted cash and short-term investments.
Key Deals
Cerebras announced a multi-year deal with OpenAI valued at more than $20 billion, covering 750 megawatts of high-speed inference compute. The company also launched a multi-year partnership with AWS to bring fast inference to global distribution for startups, AI-native companies, and enterprises, combining AWS’s Trainium 3 chips with Cerebras CS-3 systems in a disaggregated inference strategy.
Guidance
Cerebras sees second-quarter revenue of $194.00 million, versus the consensus estimate of $174.34 million. The company anticipates fiscal-year revenue between $855.00 million and $865.00 million, versus the consensus estimate of $823.89 million.
Cerebras Shares Retreat
CBRS Price Action: At the time of publication, Cerebras shares are trading 9.89% lower at $204.30, according to data from Benzinga Pro.
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