Ambarella slumps on weak Q2 outlook

Ambarella

31/05/2023 10:18

**  Shares of chip company Ambarella Inc  AMBA.O  fall 17.3%
to $67.75 premarket
    ** Co forecasts Q2 revenue of $60 mln to $64 mln, below
analysts' estimates of $65.5 mln - Refinitiv data
    ** Says expect to continue to see customer inventory
adjustments in Q2, with its automotive & IoT segment revenue to
be ~flat sequentially
    ** In Q1, AMBA reported a 31% fall in revenue to $62.1 mln,
but slightly above estimates of $62.01 million
    ** Posts Q1 adj loss of $6 mln vs adj net income of $17.1
mln last year
    ** Stock has inched 0.33% lower this year through Tuesday

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))