Ambarella (NASDAQ:AMBA) stock is on the move Wednesday following the release of its earnings report for its first quarter of fiscal 2024.
That earnings report starts with the company’s adjusted per-share losses of 15 cents. The’s a narrower loss than the 21 cents Wall Street was expecting for the quarter. However, it’s a negative switch from the 33 cents per share reported in the same period of the year prior.
To go along with that, Ambarella reported revenue of $62.14 million for the quarter. This is another case of the company beating analysts’ estimates, which were set at $62 million. Unfortunately, it does represent a 31% drop from the $90.3 million reported in Q1 of fiscal 2023.
Fermi Wang, president and CEO of Ambarella, said the following in the earnings report.
“The cyclical headwinds persist and continue to pressure our financial results, 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 3rd generation AI technology.”
AMBA Stock Guidance
The latest earnings report from Ambarella also includes guidance for the second quarter of fiscal 2024. This has it expecting revenue to range from $60 million to $64 million. That doesn’t look good next to Wall Street’s revenue estimate of $67.17 million for the quarter.
AMBA stock is falling 14.6% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.