Cerebras stock falls after earnings report
AI chipmaker Cerebras Systems reported its second quarter earnings, which fell short of market expectations, causing a significant stock decline.
Cerebras Systems (Nasdaq: CBRS), an AI chipmaker, saw its stock price drop more than 17% in pre-market trading on Wednesday following its second quarter earnings report.
The company reported total revenue of $180.1 million for the second quarter, missing analyst expectations by approximately $14 million. While Cerebras reported a 103% increase in core revenue, this was insufficient to meet Wall Street's high expectations. The company also reported a net loss per share for the quarter.
Despite the revenue miss, Cerebras raised its full-year revenue outlook. The company now anticipates full-year revenue to be in the range of $880 million to $890 million, an increase from its previous forecast of $855 million to $865 million.
CEO Andrew Feldman described 2026 as a "foundation-building year," outlining plans to expand capacity, secure new data center contracts, and enhance manufacturing capabilities. He also highlighted advancements in new technology and customer base expansion.