Ambarella posted another steep drop in sales for the recently ended quarter, but the company anticipates a sales comeback in the next fiscal year.
The Santa Clara, Calif.-based semiconductor company on Thursday reported a third-quarter loss of $41.7 million, or $1.04 a share for the quarter ended Oct. 31, compared with a loss of $19.8 million, or 51 cents a share, in the same quarter a year ago.
Adjusted for certain one-time items, Ambarella said its per-share loss was 28 cents. Analysts polled by FactSet were expecting a loss of 39 cents a share.
Revenue fell 39% from a year ago to $50.6 million, slightly ahead of analyst estimates for $50 million.
Total operating expenses rose slightly to $71.95 million from $71.8 million a year ago.
“Our customers appear to be making progress with their inventory reduction efforts and we expect to return to revenue growth in Fiscal 2025,” Chief Executive Fermi Wang said Thursday.
Ambarella’s chips are used in video security, advanced drivers assistance systems and autonomous driving applications.