BlockBeats News, August 13th, AI chip manufacturer Cerebras reported a second-quarter revenue of $2.1 billion, a year-over-year increase of 103%. The cloud business revenue reached $1.26 billion, nearly quadrupling year-over-year, but hardware sales declined by 23% year-over-year to $531 million. The quarter recorded a net loss of $450.5 million, compared to a net profit of $309.5 million in the same period last year.

The company raised its full-year performance guidance, now expecting core revenue to be between $8.80 billion and $8.90 billion, above the previous range of $8.55 billion to $8.65 billion. This report brought a mixed bag of joy and sorrow to investors. Since its IPO in May, Cerebras' stock price has risen by 42%. The company was initially positioned as a challenger to NVIDIA in the AI chip field, but its largest revenue source is now cloud computing. Cerebras stated that this quarter's core gross margin will expand to 38% to 40% in response to investor concerns.

According to BIT (bit.com) market data, after the financial report was released, Cerebras' stock price fell more than 17% in after-hours trading.