SANTA CLARA, Calif. (AP) _ Ambarella Inc. (AMBA) on Tuesday reported a loss of $15.5 million in its fiscal first quarter.
The Santa Clara, California-based company said it had a loss of 45 cents per share. Earnings, adjusted for stock option expense and pretax expenses, were 4 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 1 cent per share.
The video-compression chipmaker posted revenue of $54.6 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $54.3 million.
For the current quarter ending in August, Ambarella said it expects revenue in the range of $47 million to $53 million.
Ambarella shares have increased nearly 2% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $61.55, a rise of 62% in the last 12 months.