Ambarella (NASDAQ:AMBA) shares plunged more than 17% intra-day today after the company reported its Q1 earnings results, with a loss per share of $0.15, better than the Street estimate of a loss per share of $0.20. Revenue came in at $62.1 million, compared to the Street estimate of $61.99 million. As guided, Q1 sales declined 27% quarter-over-quarter and 31% year-over-year, as customers continue to reduce inventory in IoT as well as automotive segments.

Despite the beat, management anticipates Q2/24 revenue to be in the range of $60-$64 million, worse than the Street estimate of $67.17 million. The gross margin is seen at 62.5%-64.5%.