Ambarella beats by $0.05, reports revs in-line; guides Q2 revs below consensus
- Reports Q1 (Apr) loss of $0.15 per share, $0.05 better than the FactSet Consensus of ($0.20); revenues fell 31.2% year/year to $62.1 mln vs the $61.99 mln FactSet Consensus.
- Gross margin under U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2024 was 60.4%, compared with 62.6% for the same period in fiscal 2023.
- Co issues downside guidance for Q2, sees Q2 revs of $60.0-$64.0 mln vs. $66.79 mln FactSet Consensus. Gross margin on a non-GAAP basis is expected to be between 62.5% and 64.5%.
Ambarella makes processors for computer vision systems and video surveillance cameras. Its products are used for video security, advanced driver-assistance systems, autonomous driving and robotic applications. Ambarella describes itself as "an edge AI semiconductor company."
For the current quarter, Ambarella predicted sales of $60 million to $64 million. The midpoint of $62 million was well below Wall Street's consensus estimate of $66.9 million for the fiscal second quarter ending July 31. In the year-ago period, Ambarella generated sales of $80.9 million.
"The cyclical headwinds persist and continue to pressure our financial results," Chief Executive Fermi Wang said in a news release. "But we are taking our inference AI strategy to the next level with our R&D investment focused on the build-out of our CV3 platform as well as new derivatives of our third-generation AI technology."
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