Ambarella Earnings: AMBA Stock Soars on Q1 Earnings Beat

Ambarella (NASDAQ:AMBA) reported its quarterly earnings figures for its first three months of the current fiscal year, bringing in a profit that surpassed the Wall Street consensus estimate, while the company’s revenue declined year-over-year, yet it topped what analysts called for, playing a role in lifting AMBA stock more than 8% after hours.

Ambarella earningsThe Santa Clara, Calif.-based semiconductor maker — which manufactures components for cameras for businesses such as GoPro — said late on Tuesday that for its first quarter of its fiscal 2020, it amassed a loss of $17.3 million, or 53 cents per share. This amount was stronger than its loss of $10 million, or 30 cents per share, from the same period in its fiscal 2019.

Ambarella added that its earnings came in at $300,000, or a penny per share, on an adjusted basis, which was lower than its year-ago adjusted earnings of $4.5 million, or 13 cents per share. Analysts were calling for the business to bring in an adjusted loss of 55 cents per share, according to data compiled by FactSet.

The company also brought in sales of $47.2 million, which marked a 17% decline when compared to the $56.9 million it posted during the same period a year ago. Wall Street’s consensus estimate predicted that Ambarella would rake in sales of $47 million, according to data compiled by FactSet.

For its second quarter of the fiscal year, the business predicts revenue of $51 million to $53 million.

AMBA stock is up about 4.3% during regular trading hours. Shares soared about 8.8% after hours following these results.

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