Ambarella (NASDAQ:AMBA) shares experienced a pre-market drop exceeding 20% today following the release of its Q2 financial results.

Despite Q2 earnings per share (EPS) of ($0.15) and revenue amounting to $62.1 million, which exceeded predicted consensus figures of ($0.21) and $62.02 million, respectively, the provided Q3 guidance fell short of expectations.

For the upcoming Q3/24, Ambarella anticipates revenue of around $50 million, with a variance of 4% in either direction, contrasting with the projected consensus of $67.6 million.