When Ambarella Inc. (NASDAQ: AMBA) released its most recent quarterly results after the markets closed on Thursday, the company said that it had $0.04 in earnings per share (EPS) and $54.6 million in revenue. The consensus estimates had called for a net loss of $0.01 per share and $54.3 million in revenue, and the fiscal first quarter of last year reportedly had EPS of $0.01 on $47.2 million in revenue.
During the most recent quarter, non-GAAP gross margin was 59.1%, compared with 59.6% in the year-ago period.
Total cash, cash equivalents and marketable debt securities on hand at the end of the first quarter was $411.3 million, compared with $404.7 million at the end of the prior quarter and $366.2 million at the end of the same quarter a year ago.
Looking ahead to the fiscal second quarter, the company expects to see revenue of $50.0 million, plus or minus 6%, and gross margin of 59.0% to 60.5%. Consensus estimates call for $0.04 in EPS and $55.54 million in revenue for the quarter.
Fermi Wang, Ambarella president and CEO, commented:
The unprecedented combination of geopolitical and public health risks, and the associated economic downturn, limit visibility and cause the duration, severity and impact to be unknown. Our visual AI computer vision strategy continues to be validated, as our CV design activity remains strong and five new CV customers entered production in Q1. The long-term outlook for the higher levels of automation we enable in multiple industries remains healthy, our CV portfolio continues to expand, and with a strong and liquid balance sheet supporting our investment, we believe we are positioned to emerge stronger when the current crisis is over.
Shares of Ambarella traded down more than 7% early Wednesday at $57.02, in a 52-week range of $36.02 to $73.59. The consensus price target is $61.00.