Ambarella posts 21 percent increase in 2Q profit

Video semiconductor maker Ambarella reports 21 percent increase in 2Q profit on higher sales

Associated Press

SANTA CLARA, Calif. (AP) -- Ambarella Inc., which makes video-compression semiconductors, said Thursday that second-quarter profit rose by about one-fifth on a surge in revenue.

Net income was $6.3 million, or 21 cents per share, compared with $5.2 million, or 19 cents per share, a year earlier.

The company said that excluding certain items including stock-based compensation costs it would have earned 26 cents per share. The consensus among the four analysts surveyed by FactSet was a forecast of adjusted earnings of 19 cents per share.

Revenue rose 35 percent to $37.7 million. The consensus of three surveyed analysts was $36 million.

The company said it was finding success in the professional and consumer Internet protocol security markets and saw growth in wearable sports and automotive camera markets.

The shares rose 14 cents to $15.34 in regular trading before the report, and they were up another $1.31, or 8.5 percent, to $16.65 during after-hours trading.

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