AI stocks are on a tear, but the excitement around the transformational technology hasn't extended to (NASDAQ: AMBA). The semiconductor company specializes in computer vision chips used in video security, robotics, and advanced driver assistance applications.
Investors are excited about AI, but Ambarella isn't getting any love. The stock tumbled on Wednesday following a first-quarter report that failed to excite anyone. Revenue crashed, the bottom line plunged, and the company's guidance left a lot to be desired.
Ambarella reported Q1 revenue of $62.1 million, down 31% year over year. Net loss was $35.9 million, much worse than a loss of $10.8 million in the prior-year period.
Source Fool.com