Ambarella, Inc. Stock on the Rise After Second Quarter Fiscal Year 2022 Financial Results
Sep 1, 2021 By MarketDepth
Ambarella, Inc. (NASDAQ: AMBA) stock jumped about 20% after the developer of semiconductor solutions announced financial results for its second quarter of fiscal year 2022 ended July 31, 2021. Revenue for the second quarter was $79.3 million, up 58% from $50.1 million in the same period in fiscal 2021. For the six months ended July 31, 2021, revenue was $149.5 million, up 43% from $104.8 million for the six months ended July 31, 2020.
GAAP net loss for the second quarter of fiscal 2022 was $7.2 million, or loss per diluted ordinary share of $0.20, compared with GAAP net loss of $14.8 million, or loss per diluted ordinary share of $0.43, for the same period in fiscal 2021.
“Our rapidly expanding AIoT foundation has positioned us to achieve record revenue in F2022, driven by new product cycles in existing markets and the expansion into new markets. The quality of our business is at its highest levels, with IoT cameras, primarily security, and automotive, representing ~90% of total Q2 revenue. We are capitalizing on this as demonstrated by the 450 basis point sequential increase in non-GAAP operating margin, reaching 16.9% in Q2,” said Fermi Wang, President and CEO.
“We believe we experienced the worst of the wafer supply shortfall from the Texas freeze in Q2, and we are seeing a 2H recovery from this event. While the significant industry wide supply-chain challenges persist, we expect F2022 to represent a major inflection in our business, and we are excited about our future.”Fermi Wang, President and CEO
Ambarella provided guidance for the third quarter of fiscal year 2022, ending October 31, 2021. According to the guidance revenue is expected to be between $88.0 million and $92.0 million.
In addition the Company also reported during the second quarter of fiscal year 2022, Ambarella’s Board of Directors approved an extension of the prior $50.0 million repurchase program for an additional twelve months ending June 30, 2022.