Cerebras Systems shares traded near $108.70 as of 9:45 a.m. Eastern on Friday, up about $10.95, or 11%, from Thursday’s close of $97.75, after rising as much as 23% to $120.44 earlier in the session. The AI chipmaker reported third-quarter results after Thursday’s close and raised its full-year outlook.
GAAP revenue rose 55% from a year earlier to a record $210.8 million. Core revenue, a non-GAAP measure that excludes pass-through data center revenue and adds back non-cash amortization of customer warrants, rose 70% to $230.9 million. That topped the $214.7 million analysts polled by LSEG expected, CNBC reported. Core net income was $29.8 million, compared with a core loss of $10.9 million a year earlier. On a GAAP basis, Cerebras lost $161.2 million, or 67 cents a share, including $155.1 million of stock-based compensation expense.
Cerebras raised its 2026 core revenue forecast to $940 million to $960 million, from $880 million to $890 million, and forecast fourth-quarter core revenue of $310 million to $330 million.
The company said it had reached a cloud deal with a top-three hyperscaler and would share more next year. Chief Executive Andrew Feldman identified the customer as Microsoft and said the deal was signed in October, CNBC reported. Financial terms were not disclosed.
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