Ambarella Sinks As Q3 Sales Guidance Shy Of Estimates

(RTTNews) - Shares of Ambarella, Inc. (AMBA), are falling more than 19% Wednesday morning after the chipmaker provided third-quarter sales outlook below analysts' view.

For the third quarter, Ambarella expects revenue to be $50 million plus or minus 4%. The consensus estimate of analysts polled by Thomson-Reuters stands at $66.31 million.

The company reported a net loss of $31.2 million or $0.79 per share in the second quarter, wider than $23.7 million or $0.62 per share loss last year.

Excluding one-time items, loss was $6 million or $0.15 per share, that beat the average estimate of analysts of $0.21 loss per share.

Revenue for the quarter declined 23% to $62.1 million from $80.9 million in the same period a year ago.

AMBA is at $60.81 currently. It has traded in the range of $49.02 - $99.86 in the last 52 weeks.