Ambarella 1Q net climbs with sales up 31 pct.

Ambarella fiscal 1Q improves on sales of chips for Internet and wearable sports cameras

Associated Press

SANTA CLARA, Calif. (AP) -- Electronics chip designer Ambarella Inc. said Tuesday that net income climbed in its fiscal first quarter as sales improved.

Ambarella makes products used for video capture in high-definition cameras. It said sales of chips used in wearable sports cameras, Internet-connected cameras, and automotive cameras improved during the quarter, and its results beat Wall Street estimates.

Shares of Ambarella rose 48 cents, or 3.1 percent, to $16.19 and added $1.41, or 8.7 percent, to $17.60 in aftermarket trading.

The company made $4.7 million, or 16 cents per share, over the three months ended April 30. That's up from $2.6 million, or 7 cents per share, one year earlier. Excluding one-time items profit was 21 cents per share in the latest quarter. Revenue rose 31 percent, to $33.9 million.

Analysts expected net income of 15 cents per share and $31.9 million in revenue, according to FactSet.

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