Ambarella Beats Q2 Revenue, Guides Q3 Above Consensus on Record Edge AI Sales
AMBA sits 30% above its 52-week low of $48.3.
Summary
Ambarella reported fiscal Q2 revenue of $108.13M, slightly above the $107.75M consensus, driven by record edge AI sales with balanced growth in Auto and IoT. Non-GAAP net income improved year-over-year. The company guided Q3 revenue to $115M-$124M, above the $112.5M consensus, with non-GAAP gross margin of 59.0%-60.0%. This follows the Q1 report in May that showed 16.9% revenue growth and a narrowed loss, and the July buyout speculation with NXP that spiked the stock. The edge AI momentum and new X7 AI Accelerator launch support the growth narrative. Watch for further details on the NXP talks and Q3 execution.
At the time of this announcement, AMBA was trading at $63.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $48.30 to $96.69. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.