Ambarella, Inc. (NASDAQ:AMBA) Q4 2023 Earnings Conference Call February 27, 2024 4:30 PM ET
Company Participants
Louis Gerhardy - Vice President, Corporate Development
Fermi Wang - President and CEO
John Young - CFO
Conference Call Participants
Neil Young - Needham
Christopher Rolland - Susquehanna
Matthew Ramsey - TD Cowen
Tore Svanberg - Stifel
Ross Seymore - Deutsche Bank
Kevin Cassidy - Rosenblatt Securities
Joe Moore - Morgan Stanley
Operator
Good day, and thank you for standing by. Welcome to Ambarella’s Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. [Operator Instructions] Please note that today’s conference is being recorded. I would now hand the conference over to speaker host, Louis Gerhardy, VP, Corporate Development and Investor Relations. Please go ahead.
Louis Gerhardy
Thank you, Lydia. Good afternoon, everyone and thank you for joining our fourth quarter and full year fiscal 2024 financial results conference call. On the call with me today is Dr. Fermi Wang, President and CEO; and John Young, CFO. The primary purpose of today’s call is to provide you with information regarding the results for our fourth quarter and full year fiscal 2024.
The discussion today and the responses to your questions will contain forward-looking statements regarding our projected financial results, financial prospects, market growth and demand for our solutions, among other things. These statements are based on currently available information and subject to risks, uncertainties and assumptions. Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, our actual results could differ materially from these forward-looking statements. We are under no obligation to update these statements. These risks, uncertainties and assumptions as well as other information on potential risk factors that could affect our financial results are more fully described in the documents we filed with the SEC. Access to our fourth quarter and full year fiscal 2024 results press release, transcripts, historical results, SEC filings and a replay of today’s call can be found on the Investor Relations page of our website. The content of today’s call, as well as the materials posted on our website are Ambarella’s property and cannot be reproduced or transcribed without our prior written consent. Fermi will now provide a business update for the quarter. John will review the financial results and outlook, and then we will be available for your questions. Fermi?
Fermi Wang
Thank you, Louis, and good afternoon. Thank you for joining our call today. In the fourth quarter of fiscal 2024, our revenue increased about 2% sequentially, and we slightly exceeded the midpoint of our guidance range. Thanks to the early actions we took to help our customers navigate their excess inventory, our business continued to stabilize, and it's beginning to recover.