Why Ambarella Stock Dove This Week
Ambarella (NASDAQ: AMBA) investors trailed a rapidly declining market this week. The video tech specialist's shares dove 23% through Thursday trading, according to data provided by S&P Global Market Intelligence, even as the wider market fell 2.2%. Ambarella's stock is now down nearly 70% so far in 2022.
The decline was sparked by an operating update from the management team that described demand challenges that are likely to persist through the next few quarters.
Ambarella said in a Tuesday earnings announcement that sales for the Q2 period that ended in July were up just 2% to $81 million. While that result matched most investors' expectations, it included several warning signs about the rest of the fiscal year ahead.
Source Fool.com
