Not many seen that coming especially the 13% short interest, rough day for them tomorrow. Not alone did ambarella easily beat the consensus earnings estimate, but they have now also increased their outlook
for the remainder for the rest of 2019.
After a 18% move it probably isn't a great idea to go chasing this, if you've missed it, wait to see what happens, it has hit resistance after hours and despite the move, it is still 56% of ots all time highs.
EARNINGS PRESS RELEASE HIGHLIGHTS
Revenue for the second quarter of fiscal 2020 was $56.4 million, down 9.7% from $62.5 million in the same period in fiscal 2019. For the six months ended July 31, 2019, revenue was $103.6 million, down 13.2% from $119.4 million for the six months ended July 31, 2018.
Gross margin under U.S. generally accepted accounting principles (GAAP) for the second quarter of fiscal 2020 was 57.5%, compared with 60.8% for the same period in fiscal 2019. For the six months ended July 31, 2019, GAAP gross margin was 58.2%, compared with 61.1% for the six months ended July 31, 2018.
GAAP net loss for the second quarter of fiscal 2020 was $10.2 million, or loss per diluted ordinary share of $0.31, compared with GAAP net loss of $6.9 million, or loss per diluted ordinary share of $0.21, for the same period in fiscal 2019. GAAP net loss for the six months ended July 31, 2019 was $27.5 million, or loss per diluted ordinary share of $0.84. This compares with GAAP net loss of $16.9 million, or loss per diluted ordinary share of $0.51, for the six months ended July 31, 2018.
Financial results on a non-GAAP basis for the second quarter of fiscal 2020 are as follows:
Gross margin on a non-GAAP basis for the second quarter of fiscal 2020 was 58.1%, compared with 61.4% for the same period in fiscal 2019. For the six months ended July 31, 2019, non-GAAP gross margin was 58.8%, compared with 61.6% for the six months ended July 31, 2018.
Non-GAAP net income for the second quarter of fiscal 2020 was $7.3 million, or earnings per diluted ordinary share of $0.21. This compares with non-GAAP net income of $8.5 million, or earnings per diluted ordinary share of $0.25, for the same period in fiscal 2019. Non-GAAP net income for the six months ended July 31, 2019 was $7.5 million, or earnings per diluted ordinary share of $0.22. This compares with non-GAAP net income of $13.1 million, or earnings per diluted ordinary share of $0.38, for the six months ended July 31, 2018.
Based on information available as of today, Ambarella is offering the following guidance for the third quarter of fiscal year 2020, ending October 31, 2019:
Revenue is expected to be between $63.0 million and $67.0 million.
Gross margin on a non-GAAP basis is expected to be between 56.0% and 58.0%.
Operating expenses on a non-GAAP basis are expected to be between $30.0 million and $32.0 million.
Average Recommendation: OVERWEIGHT
Average Target Price: $47.38
Short interest 13%
COMPANY PROFILE
Ambarella, Inc. engages in the development and sale of video compression and image processing solutions. Its products include wearable cameras, flying cameras, and automotive video processing solutions. The company was founded by Feng Ming Wang and Leslie D. Kohn on January 15, 2004 and is headquartered in Santa Clara, CA.
for the remainder for the rest of 2019.
After a 18% move it probably isn't a great idea to go chasing this, if you've missed it, wait to see what happens, it has hit resistance after hours and despite the move, it is still 56% of ots all time highs.
EARNINGS PRESS RELEASE HIGHLIGHTS
Revenue for the second quarter of fiscal 2020 was $56.4 million, down 9.7% from $62.5 million in the same period in fiscal 2019. For the six months ended July 31, 2019, revenue was $103.6 million, down 13.2% from $119.4 million for the six months ended July 31, 2018.
Gross margin under U.S. generally accepted accounting principles (GAAP) for the second quarter of fiscal 2020 was 57.5%, compared with 60.8% for the same period in fiscal 2019. For the six months ended July 31, 2019, GAAP gross margin was 58.2%, compared with 61.1% for the six months ended July 31, 2018.
GAAP net loss for the second quarter of fiscal 2020 was $10.2 million, or loss per diluted ordinary share of $0.31, compared with GAAP net loss of $6.9 million, or loss per diluted ordinary share of $0.21, for the same period in fiscal 2019. GAAP net loss for the six months ended July 31, 2019 was $27.5 million, or loss per diluted ordinary share of $0.84. This compares with GAAP net loss of $16.9 million, or loss per diluted ordinary share of $0.51, for the six months ended July 31, 2018.
Financial results on a non-GAAP basis for the second quarter of fiscal 2020 are as follows:
Gross margin on a non-GAAP basis for the second quarter of fiscal 2020 was 58.1%, compared with 61.4% for the same period in fiscal 2019. For the six months ended July 31, 2019, non-GAAP gross margin was 58.8%, compared with 61.6% for the six months ended July 31, 2018.
Non-GAAP net income for the second quarter of fiscal 2020 was $7.3 million, or earnings per diluted ordinary share of $0.21. This compares with non-GAAP net income of $8.5 million, or earnings per diluted ordinary share of $0.25, for the same period in fiscal 2019. Non-GAAP net income for the six months ended July 31, 2019 was $7.5 million, or earnings per diluted ordinary share of $0.22. This compares with non-GAAP net income of $13.1 million, or earnings per diluted ordinary share of $0.38, for the six months ended July 31, 2018.
Based on information available as of today, Ambarella is offering the following guidance for the third quarter of fiscal year 2020, ending October 31, 2019:
Revenue is expected to be between $63.0 million and $67.0 million.
Gross margin on a non-GAAP basis is expected to be between 56.0% and 58.0%.
Operating expenses on a non-GAAP basis are expected to be between $30.0 million and $32.0 million.
Average Recommendation: OVERWEIGHT
Average Target Price: $47.38
Short interest 13%
COMPANY PROFILE
Ambarella, Inc. engages in the development and sale of video compression and image processing solutions. Its products include wearable cameras, flying cameras, and automotive video processing solutions. The company was founded by Feng Ming Wang and Leslie D. Kohn on January 15, 2004 and is headquartered in Santa Clara, CA.