Video: Bloomberg Podcasts, “Closing Bell: AMD/Broadcom Gains, Cerebras Reports, Cisco Gains | Stock Movers,” embedded with the official YouTube player. Bloomberg’s Stock Movers market-close segment from Thursday, Nov. 12, 2026, which covers the Cerebras report alongside other movers. Uploaded by Bloomberg Podcasts on Nov. 12, 2026, at 5:21 p.m. ET. Running time 3:24.
INSTANT UPDATE
Latest: CBRS stock, the Nasdaq-listed shares of Cerebras Systems, was trading at $115.75 in after-hours trading at 6:00 p.m. ET Thursday, up 18.41% from the regular-session close of $97.75, according to Nasdaq.com data, after the AI chipmaker reported record third-quarter revenue and raised its full-year outlook.
- What: Cerebras reported third-quarter 2026 core revenue of $230.9 million, above the $214.7 million analysts expected, according to CNBC citing LSEG, and lifted its 2026 core revenue outlook to $940 million to $960 million, the company said.
- When: Results came out after the market close on Thursday, Nov. 12, 2026, followed by a conference call at 5 p.m. ET, the company said.
- Where: Cerebras is based in Sunnyvale, California. Its shares trade on the Nasdaq.
- Who: Cerebras Systems, CEO Andrew Feldman and CFO Bob Komin, plus Microsoft, which Feldman told CNBC signed a new deal with Cerebras in October.
- Current situation: The extended-hours move is not final. Regular trading resumes at 9:30 a.m. ET Friday, when the reaction can widen or fade.
Last verified update: 6:00 p.m. ET, Thu., Nov. 12, 2026
Key Points
- CBRS stock rose 18.41% to $115.75 in after-hours trading as of 6:00 p.m. ET Thursday, according to Nasdaq.com, after closing the regular session at $97.75.
- Cerebras said record core revenue reached $230.9 million, up 70% from a year earlier, beating the LSEG estimate of $214.7 million cited by CNBC.
- The company raised its full-year 2026 core revenue outlook to $940 million to $960 million, from the $880 million to $890 million it forecast in August, according to its SEC filings.
- Cerebras forecast fourth-quarter core revenue of about $310 million to $330 million; analysts polled by LSEG expected $271 million, CNBC reported.
- Feldman told CNBC that Microsoft signed a deal with Cerebras in October and that revenue should begin showing up in the first quarter of 2027.
- Cerebras still reported a GAAP net loss of $161.2 million, or 67 cents a share, for the quarter, according to its earnings statement.
CBRS stock jumped after hours on Thursday after Cerebras Systems reported record quarterly revenue, beat Wall Street’s revenue forecast, raised its full-year outlook and pointed to a new cloud deal that its CEO said is with Microsoft. As of 6:00 p.m. ET, Cerebras shares were at $115.75 in extended trading, up 18.41% from the $97.75 regular-session close, according to Nasdaq.com data.
The short answer to why the stock is moving: Cerebras said core revenue grew 70% to $230.9 million in the third quarter, its forecast for the current quarter came in well above analyst estimates, and it now expects 2026 core revenue of $940 million to $960 million. The company also said it expects to triple revenue in 2027.
What happened
Cerebras, the Sunnyvale, California, maker of wafer-scale AI chips and systems, released its third-quarter results after the closing bell on Thursday, Nov. 12, and filed them with the Securities and Exchange Commission on a Form 8-K. The company said GAAP revenue rose 55% from a year earlier to a record $210.8 million, while core revenue, its non-GAAP measure, rose 70% to a record $230.9 million.
Growth came from the company’s cloud business. Cerebras reported GAAP cloud and other services revenue of $141.9 million, up 265% from a year earlier, and core cloud revenue of $144.9 million, up 272%. Hardware revenue fell to $68.9 million from $96.8 million a year earlier, according to the company’s statement of operations.
“We exceeded our guidance across the board for the third quarter in a row and delivered sequential improvements on all core financial metrics,” CFO Bob Komin said in the earnings release. He added that the company “saw our pipeline for high-speed AI inference increase by more than 10x in the quarter.”
Cerebras Q3 2026 results at a glance
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| GAAP total revenue | $210.8 million | $135.7 million |
| Core (non-GAAP) revenue | $230.9 million | up 70% year over year |
| GAAP cloud and other services revenue | $141.9 million | $38.9 million |
| GAAP hardware revenue | $68.9 million | $96.8 million |
| Core gross margin | 41% | not given (company says margin rose year over year) |
| GAAP net loss | $161.2 million | $22.2 million |
| GAAP loss per share | $0.67 | $0.41 |
Source: Cerebras Systems third-quarter 2026 earnings release and condensed consolidated statements of operations (SEC Form 8-K, Exhibit 99.1, Nov. 12, 2026). Table: LiveNewsWorld.
Why CBRS stock moved
The forecast mattered as much as the quarter. Cerebras said it expects fourth-quarter core revenue of approximately $310 million to $330 million, with core gross margin of 47% to 49%. Analysts polled by LSEG had been looking for $271 million in revenue and a 42.1% margin, CNBC reported.
For the full year, Cerebras now expects core revenue of $940 million to $960 million. In its second-quarter release on Aug. 12, the company had guided to $880 million to $890 million, according to that filing. Third-quarter core revenue of $230.9 million also topped the company’s own August forecast of about $214 million to $216 million.
The rally came after a difficult stretch for the stock. Cerebras shares have slumped by about 47% since the company debuted on the Nasdaq in May, CNBC reported. In Thursday’s regular session, the stock fell 3.29% to close at $97.75, according to Nasdaq.com. The results landed on the same day Nvidia CEO Jensen Huang resigned, CNBC noted.
The Microsoft deal and other customers
Feldman told CNBC in an interview that executives would announce a new relationship with Microsoft on the company’s conference call. “We believe revenue begins to show up in Q1 ’27,” Feldman said, adding that Microsoft signed the deal in October, according to CNBC. The company’s written release did not name Microsoft; it said Cerebras had announced “an important cloud deal with a top three hyperscaler” and that more would be shared next year.
The release also said Oracle is integrating Cerebras’ fast inference into Oracle Cloud Infrastructure, with availability in 2027, and that Cerebras inference will power new AI features for Bilt. CNBC reported that Cerebras has also landed deals with Amazon and Oracle.
Losses, cash and backlog
Cerebras is still losing money on a GAAP basis. The company reported a third-quarter net loss of $161.2 million, or 67 cents a share, compared with a loss of $22.2 million, or 41 cents a share, a year earlier. Its GAAP operating margin was negative 106%, while its core operating margin was negative 14%, the company said.
CNBC noted that it was not immediately clear how the 67-cent loss compared with the 14-cent loss per share analysts expected. Cerebras said its core results exclude non-cash amortization of customer warrants, stock-based compensation, data center pass-through revenue and costs, and certain other items.
On the balance sheet, Cerebras said it had $7.8 billion in cash, cash equivalents, restricted cash and short-term investments, plus $850 million of debt capacity. It reported $26.1 billion in remaining performance obligations as of Sept. 30, a measure of contracted revenue not yet recognized. Feldman told CNBC the company is evaluating financing options to meet rising demand.
Background and context
Cerebras builds very large AI processors, known as wafer-scale engines, and sells them in its own systems and through Cerebras Cloud. Its pitch is speed in AI inference, the step where trained models generate answers. In the release, the company said it has secured 700 gross megawatts of data center capacity for delivery by the end of 2027, signed contracts for more capacity in Norway and Finland, and expects to exit 2026 with more than 10 times the manufacturing capacity it had at the start of the year.
The company said its CS-4 system will soon be in full production and that its next-generation CS-5 system is targeted for early summer 2027. “That progress energizes us to do even more as we push the limits of innovation and expect to triple revenue in 2027,” Feldman said in the release. CNBC calculated that a tripling implies about $2.85 billion in 2027 revenue, compared with the $2.92 billion analysts surveyed by LSEG were expecting.
Timeline
- May 2026: Cerebras debuts on the Nasdaq under the ticker CBRS, CNBC reported.
- Aug. 12, 2026: Second-quarter results; Cerebras guides full-year core revenue to $880 million to $890 million, according to its filing.
- October 2026: Microsoft signs a deal with Cerebras, Feldman told CNBC.
- Nov. 12, 4:00 p.m. ET: CBRS closes the regular session at $97.75, down 3.29%, according to Nasdaq.com.
- Nov. 12, after the close: Cerebras reports record third-quarter revenue and raises its full-year outlook, according to its release and SEC filing.
- Nov. 12, 5:00 p.m. ET: Earnings conference call and webcast, the company said.
- Nov. 12, 6:00 p.m. ET: CBRS trades at $115.75 after hours, up 18.41%, according to Nasdaq.com.
Why it matters
Cerebras is one of the few publicly traded companies trying to compete directly with Nvidia in AI chips. Its results offer a read on whether demand for faster, cheaper AI inference is broadening beyond Nvidia’s graphics processors. Feldman told CNBC that long lead times and higher costs for GPUs create an opening for Cerebras, particularly in hardware sales.
For investors, the report puts three questions in focus: whether the shift toward cloud revenue continues, how quickly the hyperscaler deals turn into reported revenue, and whether margins keep improving enough to narrow losses. The company’s fourth-quarter outlook calls for core operating margin between negative 1% and positive 1%, according to its release.
What happens next
Regular trading in CBRS resumes at 9:30 a.m. ET on Friday, Nov. 13, when the after-hours move will be tested in full volume. Cerebras said it will take part in the TomorrowX Summit in Austin, Texas, on Tuesday, Nov. 17, and the Barclays Global Technology Conference in San Francisco on Wednesday, Dec. 9. The company said a replay of Thursday’s call will be posted on its investor relations website.
Track the session as it opens on our Forex & Stocks LIVE page, and see the wider picture on Markets Live. New to earnings season? Our guide on how to read a corporate earnings report explains GAAP and adjusted figures. For the Nvidia backdrop, read our report on Jensen Huang’s resignation as Nvidia CEO.
This article is for information only and is not investment advice. After-hours prices can be volatile and may change sharply at the next open.
Frequently asked questions
Why is CBRS stock up today?
Cerebras shares rose after hours on Thursday after the company reported record third-quarter revenue that beat estimates, gave a fourth-quarter forecast above Wall Street expectations, raised its full-year outlook and, according to CEO Andrew Feldman’s comments to CNBC, signed a deal with Microsoft.
How much did Cerebras stock rise after earnings?
As of 6:00 p.m. ET on Thursday, Nov. 12, CBRS traded at $115.75 in extended trading, up 18.41% from its $97.75 close, according to Nasdaq.com data. CNBC reported a gain of about 17% in extended trading.
What revenue did Cerebras report for Q3 2026?
Cerebras said GAAP revenue was a record $210.8 million, up 55% year over year, and core revenue was a record $230.9 million, up 70%.
Did Cerebras raise its guidance?
Yes. The company said it now expects 2026 core revenue of $940 million to $960 million, up from the $880 million to $890 million range it gave in August. It also guided fourth-quarter core revenue to about $310 million to $330 million.
What is the Cerebras Microsoft deal?
Feldman told CNBC that Microsoft signed a deal with Cerebras in October and that revenue should start in the first quarter of 2027. Cerebras’ written release referred only to a cloud deal with “a top three hyperscaler” and did not disclose financial terms.
Is Cerebras profitable?
Not on a GAAP basis. Cerebras reported a third-quarter net loss of $161.2 million, or 67 cents a share, according to its earnings statement.
Sources
- Cerebras Systems Q3 2026 earnings release, SEC Form 8-K Exhibit 99.1 (Nov. 12, 2026)
- Cerebras Systems Q2 2026 earnings release, SEC Form 8-K Exhibit 99.1 (Aug. 12, 2026)
- CNBC: Cerebras surges 17% after beating on quarterly revenue and announcing Microsoft deal
- Associated Press via Yahoo Finance: Cerebras Q3 Earnings Snapshot
- Nasdaq.com CBRS quote data, regular-session close and after-hours price checked at 6:00 p.m. ET, Nov. 12, 2026
