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Ambarella beats Street 4Q forecasts

SANTA CLARA, Calif. (AP) _ Ambarella Inc. (AMBA) on Tuesday reported fiscal fourth-quarter net income of $18.4 million.

On a per-share basis, the Santa Clara, California-based company said it had net income of 53 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 92 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The video-compression chipmaker posted revenue of $87.5 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $86.2 million.

For the year, the company reported profit of $57.8 million, or $1.68 per share. Revenue was reported as $310.3 million.

For the current quarter ending in May, Ambarella said it expects revenue in the range of $62.5 million to $64.5 million.

Ambarella shares have climbed almost 9 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $58.95, an increase of 27 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMBA at https://www.zacks.com/ap/AMBA

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Keywords: Ambarella, Earnings Report