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Here's a Reason Why Ambarella (AMBA) Stock Is Sliding Despite Solid Q2 Results

NEW YORK (TheStreet) -- Shares of Ambarella (AMBA) were diving 7.11% to $66.67 on heavy trading volume midday Friday after the company reported strong earnings and revenue for the 2017 fiscal second quarter, but said results were impacted by a significant drop in GoPro (GPRO) revenues.

On the second-quarter conference call, CFO George Laplante said growth in drones and home security revenues was strong year-over-year, but was offset by a substantial decline in the wearable sports market.

The Santa Clara, CA-based chipmaker is a supplier to GoPro.

Second-quarter revenues from the...