Ambarella beats by $0.12, reports revs in-line; guides Q3 revs below consensus
- Reports Q2 (Jul) earnings of $0.25 per share, $0.12 better than the S&P Capital IQ Consensus of $0.13; revenues fell 12.7% year/year to $62.5 mln vs the $62.16 mln S&P Capital IQ Consensus.
- Gross margin on a non-GAAP basis for 2Q19 was 61.4%, compared with 63.0% for the same period in fiscal 2018.
- Co issues downside guidance for Q3, sees Q3 revs of $55.5-$58.5 mln vs. $73.44 mln S&P Capital IQ Consensus. Gross margin on a non-GAAP basis is expected to be between 59.0% and 60.5%.
- Commentary: "While we are disappointed with our near term outlook, we remain confident that our decision to focus on computer vision applications in the IP security, automotive and robotics AI markets is the correct strategy and is already bearing fruit..."
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