What happened 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 results beat expectations but guidance left a little to be desired. So what Revenue in the fiscal first quarter came in at $54.6 million, slightly ahead of the $54 million in sales that analysts were modeling for. That translated into adjusted net income of $1.3 million, or $0.04 per share. Wall Street was expecting the video-processing chipmaker to post an adjusted net loss of $0.27 per share. Image source: Getty Images. "I want to thank our employees for safely and quickly adapting to the challenging environment," CEO Fermi Wang said in a statement. "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." Now what Ambarella repurchased $1 million worth of stock during the quarter and the company's board authorized a $50 million increase to the buyback program. There is currently $49 million remaining in total authorization available. In terms of guidance, Ambarella expects revenue in the fiscal second quarter to be approximately $50 million, plus or minus 6%. The high end of that forecast ($53 million) would still be shy of the $55.5 million in sales that analysts are expecting. Adjusted gross margin should be in the range of 59% to 60.5%, and adjusted operating expenses should be $31 million to $33 million. 10 stocks we like better than AmbarellaWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Ambarella wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Ambarella. The Motley Fool has a disclosure policy.Source