Ambiq Micro Inc (NASDAQ:AMBQ) on Tuesday reported better-than-expected second-quarter financial results and issued strong third-quarter guidance.
Ambiq Micro posted adjusted loss of 7 cents per share, compared to market estimates of a loss of 26 cents per share. The company’s sales came in at $33.901 million, beating expectations of $31.513 million.
Ambiq Micro said it sees third-quarter adjusted EPS of $(0.20)-$(0.12) versus estimates of $(0.27). The company also sees sales of $36.000 million-$37.000 million, versus estimates of $34.002 million.
“Since the start of the year, we have seen a step-change in demand, further reinforcing our belief in the scale and durability of the edge AI opportunity. That momentum drove our net sales up approximately 90% year over year, marking our fifth consecutive quarter of growth, and we expect demand to strengthen even further in the second half of the year,” said Fumihide Esaka, CEO of Ambiq.
Ambiq Micro shares gained 6.2% to $69.35 in pre-market trading.
These analysts made changes to their price targets on Ambiq Micro following earnings announcement.
- Needham analyst N. Quinn Bolton maintained the stock with a Buy and raised the price target from $70 to $85.
- UBS analyst Timothy Arcuri maintained the stock with a Neutral and raised the price target from $70 to $73.
Considering buying AMBQ stock? Here’s what analysts think:
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