Ambarella Inc (NASDAQ:AMBA) earned itself a strong move higher in Thursday’s after-hours trading, with AMBA stock up on a Street-beating first-quarter report.

For its Q1 of fiscal 2017, Ambarella’s net income sank 90% year-over-year to just $1.8 million on a GAAP basis. Revenues of $57.2 million were down nearly 20% as well, and gross margins were off by 20 basis points from the year-ago period, to 64.6%

However, the $57.2 million in sales still were enough to beat Wall Street expectations for $57.01 million, as were non-GAAP earnings of 34 cents per share of AMBA stock, which trumped expectations for 28 cents.

Also pleasing investors was the board authorization for a $75 million stock buyback plan.

Ambarella shares, which had been fighting with their 50-day moving average for about a week, popped above that resistance with a 2%-plus jump heading into Thursday’s afternoon report. Should the earnings report be enough to sustain that move, the next major level of resistance is the stock’s 200-day MA, which sits about 20% higher around the $51-$52 area.

AMBA stock was up 5% a few minutes into Thursday’s after-market trading.

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