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When Ambarella Inc. (NASDAQ: AMBA) released its fiscal first-quarter financial results after the markets closed on Tuesday, the company said that it had $0.13 in earnings per share (EPS) and $56.9 million in revenue. Consensus estimates from Thomson Reuters had called for $0.27 in EPS and revenue of $68.15 million. The same period of last year reportedly had EPS of $0.48 and $71.63 million in revenue.

During the latest quarter, gross margin as 61.8%, compared with 64.3% for the same period in fiscal 2018.

Looking ahead to the fiscal second quarter, the company expects to see revenues in the range of $60.0 million to $64.0 million and gross margin of 59% to 61%. The consensus estimates call for $0.59 in EPS and $90.16 million in revenue for the coming quarter.

On the books, Ambarella cash, cash equivalents and marketable securities totaled $414.1 million at the end of the quarter, down from $420.2 million at the end of the same quarter a year ago.

Fermi Wang, president and CEO, commented:

We continue to successfully achieve our target milestones in the rollout of our new computer vision technology. At our Analyst Day in March, we demonstrated our fully autonomous vehicle, EVA, using our Supercam stereovision cameras running on our CV1 chip. Additionally, we have sampled CV22 chips to major security customers and achieved success with first silicon on our new CV2 chip, both delivering  further deep neural network performance improvements based on our CVFlow architecture. We are encouraged by the feedback received by customers in the security and automotive markets and believe that our investment in computer vision technology will bring new opportunities for growth.

Shares of Ambarella closed Tuesday at $49.39, with a consensus analyst price target of $59.38 and a 52-week trading range of $40.06 to $66.23. Following the announcement, the stock was down 12% at $43.60 in early trading indications Wednesday.