Cerebras Q3 Earnings Beat: Revenue Up 70%, Outlook Raised, Shares Jump
Cerebras beat Q3 forecasts with $230.9M core revenue, up 70%, raised its 2026 outlook to $960M and signed Microsoft, sending shares up 16% after hours.
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Cerebras Systems, the Sunnyvale, California-based maker of artificial-intelligence chips, reported third-quarter core revenue of $230.9 million on Thursday, November 12, 2026, up 70% from a year earlier and ahead of the $214.7 million analysts polled by FactSet had expected. The company raised its 2026 revenue outlook, and its shares rose more than 16% in after-hours trading to $113.56.
The results arrived after the market closed. During the regular session, Cerebras shares had slid 3.3% to $97.75, after a record high of $386.34 on May 14, its first day of trading, and a low of $77.84 on November 5.
- Core revenue of $230.9 million in the third quarter, up 70% year over year, ahead of the $214.7 million analysts expected.
- 2026 outlook raised to $940 million to $960 million, from $880 million to $890 million; fourth-quarter revenue guided to about $320 million.
- Microsoft and Oracle signed as new hyperscale customers; remaining performance obligations rose to $26.1 billion.
- Shares jumped more than 16% after hours to $113.56, after falling 3.3% to $97.75 in the regular session.
Cerebras Q3 2026 Results: Revenue, Loss and Margins in Full
Cerebras lost 67 cents a share in the quarter ended September 30, a net loss of $161.2 million, as spending on cloud capacity rose. Margins still beat plan: core gross margin was 41%, against a consensus estimate of 39%, and the adjusted operating margin of minus 14% was far better than the minus 24% guided three months earlier.
Chief Executive Andrew Feldman said the company beat on every measure it guides to, and by real amounts: a 7% beat on core revenue, 2 points on gross margin and 10 points on operating margins.
| Measure | Third quarter 2026 | Expected or prior |
|---|---|---|
| Core revenue | $230.9 million, up 70% | $214.7 million expected |
| Core gross margin | 41% | 39% expected |
| Q4 core revenue guidance | About $320 million | $274.9 million expected |
| 2026 core revenue guidance | $940–960 million | $880–890 million before |
| Remaining obligations | $26.1 billion | $25.4 billion in June |
Why Cerebras Raised Its 2026 Revenue Outlook to $960 Million
The higher outlook rests on cloud services, which grew fast enough to offset a fall in direct chip sales. Cerebras sells both chips and cloud capacity, and the cloud side carried the quarter. It signed two new hyperscale customers, Microsoft and Oracle, adding to existing customers that include OpenAI and Amazon Web Services. Terms were not disclosed.
The backlog supports the forecast: remaining performance obligations stood at $26.1 billion at the end of September, up from $25.4 billion in June, with much of it tied to an OpenAI cloud agreement signed at the end of 2025. Feldman said customers badly need AI compute capacity and that Cerebras expects 700 megawatts of capacity in place by the end of 2027. He also said revenue should triple in 2027. CoreWeave also beat third-quarter expectations and raised its full-year guidance this week, while Google is pressing Nvidia with its latest TPU chips.
Cerebras Stock After Q3 Earnings: The Rebound and What Comes Next
The after-hours jump repaired only part of a steep post-listing fall. Cerebras shares set their record high of $386.34 on May 14, the day of the initial public offering, then fell for months to the November 5 low of $77.84, a drop of about 80%. Even at $113.56, the stock remained far below its first-day peak.
Cerebras competes with AMD, Broadcom and Nvidia, arguing its Wafer-Scale Engine leads in fast AI inference. “Cerebras’ technology remains the undisputed champion of speed,” Feldman said. Fourth-quarter core gross margins were guided to 47% to 49%, against a 41% consensus estimate.
Frequently Asked Questions
How much did Cerebras stock rise after its Q3 earnings?
Cerebras shares rose more than 16% in after-hours trading on Thursday to $113.56, after falling 3.3% to close at $97.75 in the regular session.
What is Cerebras’ 2026 revenue guidance after its third-quarter results?
Cerebras raised 2026 core revenue guidance to $940 million to $960 million, from $880 million to $890 million. Fourth-quarter core revenue was guided to about $320 million.
Did Microsoft become a Cerebras customer in the third quarter of 2026?
Yes. Cerebras signed Microsoft and Oracle as new hyperscale customers in the quarter. Its other customers include OpenAI and Amazon Web Services.
When did Cerebras go public and how far has its stock fallen from its peak?
Cerebras held its initial public offering on May 14, 2026, and shares reached $386.34 that first day. The stock then fell to $77.84 on November 5, about 80% below the peak.
