Why Ambarella Stock Tanked Today
Shares of Ambarella (NASDAQ: AMBA) have tanked today, down by 11% as of 1:45 p.m. EDT, after the company reported fiscal first-quarter earnings. "The unprecedented combination of geopolitical and public health risks, and the associated economic downturn, limit visibility and cause the duration, severity and impact to be unknown." Ambarella repurchased $1 million worth of stock during the quarter and the company's board authorized a $50 million increase to the buyback program.
