Chipmaker Ambarella jumps on upbeat Q3 revenue forecast

Ambarella

27/08/2024 21:35

** Shares of chipmaker Ambarella  AMBA.O  rise 20% to $63.13
after the bell
    ** Co forecasts Q3 revenue between $77.0 mln and $81.0 mln
vs ests of $69 mln - LSEG data
    ** AMBA reported Q2 revenue of $63.7 mln, beating est. of
$62.1 mln
    ** Net loss for the second quarter was 85 cents per share,
compared with a loss of 79 cents a year ago
    ** "We are now realizing initial revenue ramps from certain
IoT and Automotive customers, especially from our new products,"
CEO Fermi Wang says
    ** Up to last close, stock had fallen ~14% this year

 (Reporting by Zaheer Kachwala in Bengaluru)
 ((Zaheer.Kachwala@thomsonreuters.com))