's (NASDAQ: AMBA) stock price plunged 20% on Aug. 30 after the image-processing chipmaker posted its latest earnings report. In the second quarter of fiscal 2024, which ended on July 31, its revenue fell 23% year over year to $62.1 million and missed analysts' expectations by $0.2 million. It posted an adjusted net loss of $6 million, compared to an adjusted net profit of $7.6 million a year ago, but its adjusted loss of $0.15 per share still cleared the consensus forecast by $0.03 per share.
Ambarella's numbers were disappointing, but does its post-earnings plunge represent a buying opportunity for long-term investors? Let's dig deeper to find out.
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