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Ambarella, Inc (NASDAQ:AMBA) shares are trading higher after the company reported better-than-expected fourth-quarter FY24 results.
Revenue declined 38.1% Y/Y to $51.62 million, marginally beating the consensus of $51.56 million. Adjusted gross margin contracted to 62.5% from 63.5% a year ago. Adjusted EPS loss of $(0.24) exceeded the consensus of $(0.33).
As of January 31, 2024, the company held cash, cash equivalents, and marketable debt securities of $219.9 million.
Outlook: Ambarella expects the first-quarter FY25 revenue of $52 million-$56 million vs. consensus of $53.59 million. The company sees adjusted gross margin of 61.5%-63.0% and adjusted operating expenses of $46.0 million-$49.0 million.
Fermi Wang, President and CEO said, “We expect to return to revenue growth in fiscal year 2025, due to the strength of our AI products and the early actions we took to help our customers navigate their excess inventory. Looking beyond, we aim to restore growth and profitability while continuing to drive our edge AI inference R&D focus.”
“In the last year our key achievements included the continued ramp of our first 5 nanometer AI processor, CV5, which paves the way for our newer 5nm products.”
Price Action: AMBA shares are up 10.49% at $64.00 premarket on the last check Wednesday.
Posted In: AMBA
