Cerebras Systems swung to a loss in the second quarter but still lifted its full-year outlook.

The semiconductor company on Wednesday reported a loss of $450.5 million, or $2.98 a share, compared with a profit of $309.5 million, or $1.91 a share, a year earlier.

Revenue rose to $180.1 million, up from $103.3 million a year prior. Analysts polled by FactSet were expecting $190.6 million of revenue.

Shares slid 17% to $218.63 in after-hours trading on Wednesday. The stock, which ended the regular trading session up 12% at $262.06, is down 16% from its initial closing price after going public in May.

Core revenue, which strips out certain items including stock-based compensation, customer warrant amortization, and data-center pass through revenues and costs, more than doubled to $209.9 million. Cerebras reported a core gross margin of 41% and a core operating margin of negative 16%.

The company ended the quarter with $25.4 billion in remaining performance obligations.

"Our quarterly results exceeded our guidance across all core business metrics. The market has responded strongly to the value of fast inference," Chief Financial Officer Bob Komin said.

Cerebras lifted its full-year guidance, projecting core revenue of $880 million to $890 million, with core gross margins in a range of 41% to 43%. Core operating margins are projected between negative 17% and negative 19%.

It previously guided for core revenue between $855 million and $865 million, with core gross margins between 38% and 41% and core operating margins between negative 28% and negative 32%.

For the current third quarter, the company forecast core revenue of $214 million to $216 million, with core gross margins between 38% and 40% and core operating margins between negative 23% and negative 25%.