Corrected: BUZZ-Cerebras falls after second-quarter results (August 13)
CORRECTED-BUZZ-Cerebras falls after second-quarter results (August 13) Corrects August 13 buzz to remove reference to missed revenue estimates in headline and text following a revision of comparable revenue number by LSEG
** Shares of Cerebras Systems CBRS.O tumble 17.56% to $216.04 premarket
** Co's quarterly results highlights investors’ readiness to punish high-flying AI stocks if they fail to meet expectations on any major metric
** For CBRS, adjusted gross margin fell to 40.6% in the second quarter from 46.5% in the previous quarter
** Hardware revenue declined, while its cloud biz quadrupled
** The average rating of 11 analysts covering the stock is "buy", and their median price target is $295- LSEG-compiled data
** As of previous day's close, stock up 18.5% YTD
(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))
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