Ambarella soars after Q3 revenue forecast above estimates

Ambarella

28/08/2024 12:09

** Chipmaker Ambarella  AMBA.O  shares surge ~22.8% to $64.8
premarket
   ** After market close on Tuesday, AMBA said it expects Q3
revenue in the range of $77 mln to $81 mln, above analyst
expectation of $73.7 mln - LSEG data
   ** Co also reported Q2 revenue of $63.7 mln, beating
estimates of $62.1 mln
   ** Nine of 17 analysts rate the stock "buy" or higher, 7
"hold" and 1 "sell"; their median price target is $77.50 - LSEG
data
   ** Stock has fallen nearly 13.93% YTD



 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.Srivastava2@thomsonreuters.com;))