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Ambarella stock rallies 13% as chip maker swings to quarterly profit, sales rise 64%

·1 min read
Ambarella stock rallies 13% as chip maker swings to quarterly profit, sales rise 64%
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  • AMBA

Shares of Ambarella Inc. rallied more than 13% in the extended session Tuesday after the maker of chips for videocameras and other products swung to a profit in its fiscal 2022 third quarter, with sales above expectations despite shortages that have become "more significant." Ambarella said it earned $800,000, or 2 cents a share, in the quarter, contrasting with a loss $17.1 million, or 49 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 57 cents a share. Re