Cerebras (NASDAQ: CBRS) shares took a hit after the inference chipmaker reported its first quarterly results as a public company after the bell on June 23.
After surging on its opening day back on May 14, the stock has been on a steady decline since, and it traded below its $185 IPO price for a short period last week
Let’s take a closer look at the company’s results to see whether this weakness presents a buying opportunity for the AI stock. Cerebras posted strong revenue growth Cerebras demonstrated rapid revenue growth in Q1, with sales surging 92% year over year to $193.4 million. Its net loss, meanwhile, narrowed to $14 million from $23.9 million a year earlier, while its adjusted loss was just $3.5 million.
Hardware revenue climbed 60% year over year to $111.6 million, while core cloud and other service revenue surged 167% to $79.8 million. The company also announced two major partnerships. It revealed that it signed a $20 billion multi-year deal with OpenAI in late December.