Ambarella Sharply Lower After Lower Sales Guidance

Ambarella Inc AMBA shares are trading lower by $6.00 (10.6 percent) at $53.72 in Wednesday's session.

After Tuesday's close, the company announced a Q1 EPS beat of 3 cents along with a sales beat of $630,000. However, the company lowered Q2 sales guidance to $69-$72 million vs. $72.35 million estimates.

After a much lower open, Ambarella could only muster a 2-cent pop to $56.62 before continuing its move lower. It has continued to make new lows for the session, with the current one standing at $53.51 as of 9:56 a.m. EST. That low coincides with its April 24 low ($53.67).

If the decline continues, the next daily support level doesn't come in until its April 21 low ($52.19).

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!