Ambarella, Inc. (NASDAQ:AMBA) shares are trading lower on Wednesday after the company announced first-quarter earnings.
What To Know: Ambarella reported an adjusted loss of 15 cents per share, beating estimates for a loss of 21 cents per share. The company posted revenue of $62.14 million, beating estimates of $62.01 million.
The company also projected $60 million to $64 million in revenue for the second quarter versus estimates of $67.17 million.
“We are pleased to announce our first CV3 platform win through our partnership with Continental, including both the CV3 SoC as well as our autonomous driving software stack IP, in a L4 commercial vehicle application,” said Fermi Wang, President and CEO, giving tangible results.
“The cyclical headwinds persist and continue to pressure our financial results, but we are taking our inference AI strategy to the next level with our R&D investment focused on the build-out of our CV3 platform as well as new derivatives of our 3rd generation AI technology.”
On Wednesday, several analysts lowered price targets, ranging from $70 to $100.
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AMBA Price Action: Shares of Ambarella were down 14.4% at $70.17 at the time of publication, according to Benzinga Pro.
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