In its first earnings report since its May IPO, Cerebras Systems (CBRS) is lower by 11% in after-hours trading after guiding to lower profit margins next quarter.

First-quarter revenue nearly doubled from the year-ago level to $193.4 million, and the company’s adjusted net loss of $2.5 million beat analyst forecasts of $36.75 million.

For the second quarter, the company guided to revenue of $194 million, but investors, for now, appear focused on core gross margin — the company expects 36%-38% in the second quarter versus 46.5% in the first.

Cerebras raised $6 billion in a May IPO priced at $185 per share. The stock soared as high as $385 shortly after going public, but has since retreated. It’s down another 11% in after-hours trading at $201.55.