Ambarella Inc. (NASDAQ: AMBA) reported a wider loss in the fourth quarter of 2020 due to income tax provision and higher operating expenses. However, the results exceeded analysts’ expectations. Further, the company guided first-quarter revenue above the consensus view.
Net loss was $13 million or $0.39 per share, wider than a loss of $4.5 million or $0.14 per share in the previous year quarter. Adjusted earnings remained flat from last year at $0.14 per share. Revenue jumped by 12% to $57.2 million. Analysts had expected EPS of $0.11 on revenue of $57.18 million.
Looking ahead into the first quarter of 2021, the company expects revenue in the range of $52-57 million and an adjusted gross margin in the range of 57.5-59.5%. The consensus estimates revenue of $49.49 million. Adjusted operating expenses are anticipated to be $33-35 million for the first quarter.
The three waves of AI computer vision revenue, professional security cameras, consumer security cameras, and automotive cameras, are taking shape, with more than a dozen customers in production across the three waves.
The business environment continues to remain under tremendous pressure as new public health issues along with dynamic geopolitical situations created an unusually high degree of uncertainty. However, with AI computer vision expected to reach 10% of total revenue in fiscal 2021, the company’s goal is to grow total revenue for the year.
Total cash, cash equivalents and marketable securities on hand at the end of the fourth quarter increased by 13% year-over-year to $404.7 million while the total liabilities stood at $79.2 million.
According to a PwC research report, the market for AI-related semiconductors is expected to grow from a current $6 billion in revenues to more than $30 billion by 2022. The semiconductor market is set to recover in 2020 and continue to prosper after a relatively weak 2019.
The industry’s overall growth will be backed by the demand for chips related to the rapidly growing use of AI, according to the PwC report. The memory chips are expected to continue to maintain the largest market share through 2022. Every application market is likely to grow through 2022, led by the automotive and data processing markets.
Nvidia Corporation (NASDAQ: NVDA) Wednesday said its fourth-quarter revenues and profit increased in double-digits amid elevated demand. The results also topped the Street view, driving the stock higher during the
Nutanix (NASDAQ: NTNX) reported second quarter 2021 earnings results today. Total revenue remained flat at $346.4 million compared to the same period a year ago. GAAP net loss was $287.3
Shares of Macy’s Inc. (NYSE: M) were down 2.7% in morning trade on Wednesday. The stock has gained 37% since the beginning of the year. A day ago, the retailer