Ambarella, Inc. Announces Third Quarter Fiscal Year 2024 Financial Results

About this update from Ambarella, Inc.

[{"type":"text","content":"SANTA CLARA, Calif., Nov. 30, 2023 (GLOBE NEWSWIRE) -- Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced financial results for its third quarter of fiscal year 2024 ended October 31, 2023. Revenue for the third quarter of fiscal 2024 was $50.6 million, down 39% from $83.1 million in the same period in fiscal 2023. For the nine months ended October 31, 2023, revenue was $174.9 million, down 31% from $254.3 million for the nine months ended October 31, 2022.Gross margin under U.S. generally accepted accounting principles (GAAP) for the third quarter of fiscal 2024 was 59.3%, compared with 62.2% for the same period in fiscal 2023. For the nine months ended October 31, 2023, GAAP gross margin was 60.6%, compared with 62.6% for the nine months ended October 31, 2022.GAAP net loss for the third quarter of fiscal 2024 was $41.7 million, or loss per diluted ordinary share of $1.04, compared with GAAP net loss of $19.8 million, or loss per diluted ordinary share of $0.51, for the same period in fiscal 2023. GAAP net loss for the nine months ended October 31, 2023 was $108.8 million, or loss per diluted ordinary share of $2.74. This compares with GAAP net loss of $54.3 million, or loss per diluted ordinary share of $1.42, for the nine months ended October 31, 2022. Financial results on a non-GAAP basis for the third quarter of fiscal 2024 are as follows: Gross margin on a non-GAAP basis for the third quarter of fiscal 2024 was 62.6%, compared with 63.5% for the same period in fiscal 2023. For the nine months ended October 31, 2023, non-GAAP gross margin was 63.5%, compared with 64.0% for the nine months ended October 31, 2022.Non-GAAP net loss for the third quarter of fiscal 2024 was $11.2 million, or loss per diluted ordinary share of $0.28. This compares with non-GAAP net income of $9.5 million, or earnings per diluted ordinary share of $0.24, for the same period in fiscal 2023. Non-GAAP net loss for the nine months ended October 31, 2023 was $23.2 million, or loss per diluted ordinary share of $0.59. This compares with non-GAAP net income of $34.1 million, or earnings per diluted ordinary share of $0.88, for the nine months ended October 31, 2022. Based on information available as of today, Ambarella is offering the following guidance for the fourth quarter of fiscal year 2024, ending January 31, 2024: R...

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