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Ambarella Earnings: AMBA Stock Soars on Q1 Earnings Beat

Karl Utermohlen

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 earnings

The 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.

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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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