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Computer-vision chipmaker Ambarella (AMBA) late Tuesday edged above Wall Street’s targets for its fiscal first quarter but disappointed with its outlook. AMBA stock plummeted in extended trading.
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The Santa Clara, Calif.-based company lost an adjusted 15 cents a share on sales of $62.1 million in the quarter ended April 30. Analysts polled by FactSet had expected Ambarella to lose 20 cents a share on sales of $62 million. In the year-earlier period, Ambarella earned 44 cents a share on sales of $90.3 million.
For the current quarter, Ambarella predicted sales of $60 million to $64 million. The midpoint of $62 million is 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.
In after-hours trading on the stock market today, AMBA stock tumbled 10.9% to 73.05. During the regular session Tuesday, AMBA stock climbed 5.4% to close at 81.96.
Earnings report details to follow.
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.”
AMBA stock ranks No. 17 out of 37 stocks in IBD’s fabless semiconductor industry group, according to IBD Stock Checkup. It has a middle-of-the-road IBD Composite Rating of 51 out of 99.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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