Ambarella Q2 2024 Earnings Report
Key Takeaways
Ambarella reported a challenging Q2 fiscal year 2024, with revenue declining by 23% compared to the previous year. The company experienced a GAAP net loss of $31.2 million, and anticipates customer inventory levels to normalize by the end of the year, setting the stage for a potential return to growth in the next fiscal year.
Revenue for Q2 fiscal year 2024 was $62.1 million, a 23% decrease from $80.9 million in the same period last year.
GAAP net loss for Q2 fiscal year 2024 was $31.2 million, or $0.79 loss per diluted ordinary share, compared to a $23.7 million loss, or $0.62 loss per share, in the previous year.
Non-GAAP net loss for Q2 fiscal year 2024 was $6.0 million, or $0.15 loss per diluted ordinary share, compared to a non-GAAP net income of $7.6 million, or $0.20 earnings per diluted ordinary share, in the same period last year.
The company anticipates customer inventory levels will normalize by the end of the year and set us up for a return to growth in the next fiscal year.
Ambarella
Ambarella
Forward Guidance
Ambarella expects revenue to be $50.0 million plus or minus 4%, and non-GAAP gross margin to be between 62.0% and 64.0% for the third quarter of fiscal year 2024.
Positive Outlook
- Revenue is expected to be $50.0 million plus or minus 4%.
- Gross margin on a non-GAAP basis is expected to be between 62.0% and 64.0%.
Challenges Ahead
- Operating expenses on a non-GAAP basis are expected to be between $46.0 million and $49.0 million.