Several analysts lower their price targets on Ambarella, but maintain their bullish stance.
Ambarella stock was tumbling Wednesday after the chip maker issued disappointing guidance as customers reduce their inventories.
pockets of weak end-market demand, which further complicates our customers’ efforts to reduce their inventory,” Chief Executive Fermi Wang said in a press release. For its second quarter, the company reported a loss of 15 cents a share on revenue of $62.1 million. Analysts surveyed by FactSet were expecting a loss of 31 cents a share on revenue of $62 million.
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