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Ambarella (NASDAQ:AMBA) shares move on Wednesday after reporting earnings for the first quarter of fiscal 2024.
This income statement starts with the company adjusted loss per share of 15 cents. That was less than the 21 cents loss Wall Street had expected for the quarter. However, this is a negative change from the 33 cents per share reported in the same period last year.
Additionally, Ambarella reported revenue of $62.14 million for the quarter. This is another instance where the company beat analysts’ estimates, which were set at $62 million. Unfortunately, it represents a 31% drop from the $90.3 million reported in the first quarter of fiscal 2023.
Fermi Wang, president and CEO of Ambarella, had the following to say in the earnings call.
“Cyclical headwinds remain and continue to weigh on our financial results, but we are taking our AI inference strategy to the next level with our R&D investments focused on building out our CV3 platform as well as new derivatives of our 3rd generation AI technology.”
Instructions for AMBA Shares
Ambarella’s latest earnings report also includes guidance for the second quarter of fiscal 2024. That means revenue is expected to be in the range of $60 million to $64 million. That doesn’t look good against Wall Street’s revenue estimate of $67.17 million for the quarter.
AMBA shares fell 14.6% on Wednesday morning.
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On the date of publication by William White did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are the subject of InvestorPlace.com Publishing Guidelines.