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Ambarella Inc (AMBA) Beats Profit Expectations by 9 Cents Per Share

AMBA stock gained 2.5% on earnings beat

Ambarella Inc (NASDAQ:AMBA) reported its latest quarterly earnings results late today.

Ambarella Inc (AMBA)The semiconductor designer earned 34 cents per share during its third quarter of fiscal 2018, or 75 cents per share on an adjusted basis, below the $1.11 per share it earned a year ago. Analysts were calling for a profit of 66 cents per share, according to Zacks Investment Research.

On the revenue front, Ambarella also impressed by raking in $89.1 million, compared to the Zacks Consensus Estimate of $88.96 million. The figure fell about 11.4% year-over-year.

Cash, cash equivalents and marketable securities on hand surged 11.3% year-over-year from $372.1 million to $414.0 million. Gross margin on a non-GAAP basis for the quarter was 64.0%, below the 66.3% during the same period a year ago.

The company projects that its fourth-quarter revenue will be in the range of $68 million and $72 million, which is in line with Zacks’ current consensus estimate of $70.36 million. Gross margin is slated to be between 62.0% and 63.5% on a non-GAAP basis.

Operating expenses are expected to be between $28.5 million and $30.0 million on a non-GAAP basis.

AMBA shares gained 2.5% after hours Thursday.

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