On June 24, AI chip manufacturer Cerebras Systems released its first earnings report following its IPO in May. The stock fell 11% in after-hours trading due to the company's forecast of declining profit margins for the next quarter. The earnings report indicated that first-quarter revenue reached $193.4 million, nearly doubling compared to the same period last year; the adjusted net loss was $2.5 million, significantly better than analysts' previous expectations of a $36.75 million loss. For the second quarter, the company expects revenue to be approximately $194 million. However, investors are currently more focused on the core gross margin performance. Cerebras anticipates that the core gross margin for the second quarter will be between 36% and 38%, down from 46.5% in the first quarter. Cerebras completed its IPO in May at a price of $185 per share, raising $6 billion. After the IPO, the stock initially surged to a high of $385 but has since continued to decline. The after-hours stock price has further dropped 11%, now at $201.55.