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Ambarella Inc., a semiconductor company specializing in edge AI, reported its financial results for the second quarter of fiscal year 2024 ended July 31, 2023. The company reported non-GAAP gross margin, net income, and earnings per share. Additionally, Ambarella provided guidance for the third quarter of fiscal 2024. Total cash, cash equivalents, and marketable debt securities on hand at the end of the second quarter of fiscal 2024 was $216.5 million. The company’s CEO, Fermi Wang, stated that customers are aggressively reducing their inventory and there is weak end-market demand, but expects inventory levels to normalize by the end of the year.
