Cerebras Plunges 13.7% on Market Open, Q2 Earnings Report Shows Mixed Results

August 13, according to BIT (Bit.com) market data, artificial intelligence chip maker Cerebras opened with a sharp drop of 13.7%, with the stock price at $226.5.

Cerebras' Q2 financial report is a mixed bag, with revenue reaching $2.1 billion, a 103% year-on-year increase. Cloud business revenue reached $1.26 billion, nearly quadrupling year-on-year, but hardware sales declined by 23% year-on-year to $531 million. The company recorded a net loss of $450.5 million for the quarter, compared to a net profit of $309.5 million in the same period last year.