Cerebras Systems Inc (NASDAQ:CBRS) on Wednesday reported worse-than-expected quarterly sales.

Cerebras Systems reported GAAP quarterly losses of $2.98 per share, according to Benzinga Pro data. Quarterly revenue came in at $180.11 million which missed the Street estimate of $194.2 million by 7.26%.

"This was an outstanding quarter for Cerebras. Core revenue more than doubled to $210 million, and our cloud business nearly quadrupled year-over-year," said Andrew Feldman, Cerebras co-founder and CEO.

Cerebras Systems shares dipped 17.6% to $215.98 in pre-market trading.

These analysts made changes to their price targets on Cerebras Systems following earnings announcement.

  • Morgan Stanley analyst Joseph Moore maintained the stock with an Overweight rating and raised the price target from $273 to $279.
  • Mizuho analyst Vijay Rakesh maintained the stock with an Outperform rating and lowered the price target from $310 to $300.
  • Wedbush analyst Matt Bryson maintained the stock with an Outperform rating and raised the price target from $280 to $290.

Considering buying CBRS stock? Here’s what analysts think:

Photo via Shutterstock