Ambarella (NASDAQ: AMBA) reported Q2 EPS of $0.35, $0.10 better than the analyst estimate of $0.25. Revenue for the quarter came in at $79.3 million versus the consensus estimate of $75.68 million.

“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.”

GUIDANCE:

Ambarella sees third-quarter revenue of $88.0 million and $92.0 million, versus the consensus of $78.7 million.

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