Why Ambarella Inc (AMBA) Stock Is Moving Big Today

Ambarella Inc (NASDAQ:AMBA) stock was down on Friday following the release of its earnings report for its fiscal third quarter of 2017.

Ambarella Inc, AMBA stockAmbarella Inc reported revenue of $100.49 million in its fiscal third quarter of 2017. This is up from its revenue of $93.20 million that was reported during the same time last year. It also managed to come in above Wall Street’s revenue estimate of $97.30 million for the quarter.

Earnings per share reported by Ambarella Inc in its fiscal third quarter of 2017 was 84 cents. The semiconductor processing company reported earnings per share of 87 cents in its fiscal third quarter of 2016. Analysts were expecting AMBA to report earnings per share of 94 cents in its fiscal third quarter of 2017.

Ambarella Inc reported net income of $29.05 million during its fiscal third quarter of 2017. The company reported net income of  $29.46 million in the same quarter from the year prior.

Ambarella Inc’s Board of Directors has approved a extension of its current share repurchase program. The extension has the repurchase program lasting until June 30, 2017. AMBA has repurchased $20.2 million worth of its common stock as of Dec. 1, 2016. The repurchase program is for up to $75 million of the company’s common stock.

Ambarella Inc also released its guidance for its fiscal fourth quarter of 2017 in its most recent earnings report. AMBA is expecting revenue for the quarter to range from $84.0 million to $87.0 million. Wall Street is looking for the company to report revenue of $90.27 million in its fiscal fourth quarter of 2017.

AMBA stock was down 8% as of Friday morning.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/12/ambarella-inc-q3-amba-stock/.

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