TradingKey – On June 23, Eastern Time, AI chipmaker Cerebras Systems ( CBRS) released its first earnings report since going public. Although its revenue significantly beat expectations, a bleak profitability outlook still caused the stock price to plunge in after-hours trading.

Cerebras’ first-quarter core revenue surged 94% year-over-year to $193.4 million, far exceeding the $181.2 million expected by FactSet analysts. The midpoint of its full-year revenue guidance reached $860 million, representing a 69% annual growth rate, which was also higher than the market consensus of $825 million.

Chief Financial Officer Bob Komin stated that the first-quarter results “highlight the massive and rapidly growing market opportunity ahead of the…