Q1 EPS $0.44 Beats $0.36 Estimate, Sales $90.31M Beat $90.05M Estimate
But, 2Q23 Outlook: Ambarella expects Revenue of $78 million to $82 million vs. a consensus of $91.48 million. Adjusted gross margin of 63% and 64%.
It expects adjusted operating expenses of $42 million and $45 million.
Price Action: AMBA shares are trading lower by 6.72% at $79.49 during the post-market session on Tuesday.
"Our near-term outlook is under pressure with the flare-up of the pandemic in China and resulting lock-down, which is disrupting our orders and our customers' production, as well as logistics throughout the greater Asia supply-chain," stated Fermi Wang, President, and CEO. "We continue to expect our computer vision revenue to grow significantly to represent about 45% of F2023 revenue, with the richer mix anticipated to continue to drive our average selling price higher." (Benzinga)