Ambarella Drops 14% After Q2 Revenue Outlook Falls Below View

(RTTNews) - Shares of Ambarella, Inc. (AMBA) which develops semiconductor solutions, are falling more than 14% Wednesday morning after the company provided second-quarter revenue outlook below analysts' view.

For the second quarter, the company expects revenue to be in the range of $60.0 million - $64.0 million. Analysts on average polled by Thomson-Reuters expect the company to report revenue of $67.17 million.

For the first quarter, the company reported a net loss of $35.9 million or $0.91 per share, wider than $10.8 million or $0.29 per sahre loss last year.

Excluding one-time items, loss was $6 million or $0.15 per share.

Revenue for the quarter was $62.1 million, down 31% from $90.3 million in the same period last year.

AMBA is at $69.95 currently. It has traded in the range of $49.02 - $99.86 in the last 1 year.