Reports Q4 revenue $83.3M, consensus $83.01M. "We achieved significant milestones in fiscal 2023 towards our transformation to an edge AI company. CV3-AD, the first processor in our 3rd generation edge AI family, was broadly sampled, we commenced mass production of CV5, our first 5nm SoC, we introduced our centralized 4D imaging radar, and took important steps towards commercialization of our software stack IP," said Fermi Wang, President and CEO. "Our customers indicate end market demand is healthy, but we are experiencing a more pronounced slowdown as they reduce inventory. Our Q1 revenue is expected to be well below end market consumption, and we currently do not expect these existing cyclical factors to cause future quarter revenue to decline below our Q1 guidance."
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on AMBA:
- Ambarella, Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results
- NVDA vs. AMBA: Which AI-Related Stock is Better?
- Ambarella price target raised to $120 from $90 at Craig-Hallum
- Hyperview Selects Ambarella’s CV3-AD Family of Automotive AI Central Domain Controllers for Autonomous Driving High Performance Computing Platforms
- Ambarella CV3-AD family selected by Hyperview