Ambarella Shares Down 5% on Weak Guidance, While Q2 Slightly Better Than Expected
2022.08.31 00:34
Ambarella Shares Down 5% on Weak Guidance, While Q2 Slightly Better Than Expected
By Davit Kirakosyan
Ambarella (NASDAQ:AMBA) shares were trading more than 5% lower after-hours following the company’s reported Q2 results.
While both EPS of $0.20 and revenue of $80.9 million (up 2% year-over-year) came in slightly better than the consensus estimates of $0.19 and $80.19 million, respectively, guidance was soft.
“Computer vision revenue increased significantly year-over-year in Q2 and our cumulative CV shipments now exceed 10 million SoCs, including more than 20% shipped into the automotive market. Significant milestones were achieved in the quarter; we provided in-person demonstrations of CV3, our central domain controller for mobility applications, with the full functionality demonstrated across multiple live cameras,” said Fermi Wang, President and CEO of Ambarella.
The company provided its outlook for Q3/23, expecting revenue in the range of $81-85 million, compared to the consensus estimate of $85 million.
