: Ambarella stock rises as earnings, outlook top Street view


Ambarella Inc.

 shares rose in the extended session Tuesday after the video components maker’s results and outlook topped Wall Street estimates.

Ambarella shares gained 5% after hours, following a 0.8% rise in the regular session to close at $101.13.

The company reported a first-quarter loss of $10.8 million, or 30 cents a share, compared with a loss of $15.5 million, or 45 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 23 cents a share, compared with 4 cents a share in the year-ago period.

Revenue rose to $70.1 million from $54.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of 17 cents a share on revenue of $69.5 million.

“Our automotive business, led by CV, should double this year, and a multi-year period of share gains, in a growing market, has now likely commenced,” said Fermi Wang, Ambarella president and chief executive, in a statement. “We continue to face a variety of significant supply-chain challenges, however our execution is strong and our guidance assumes the worst of the supply-chain challenges from the Texas freeze will be experienced in Q2 and improve as we progress through the second half of the year.”

Ambarella expects revenue between $74 million and $77 million in the second quarter, while analysts had forecast revenue of $73.6 million. Ambarella shares have gained 75% over the past 12 months, while the tech-heavy Nasdaq Composite Index

has gained 44%.

NewsWatch: Few, if any, financial advisers expected to recommend bitcoin and dogecoin to clients — here’s how many now suggest buying crypto

Previous article

Mark Hulbert: Why stocks could tumble even as the post-pandemic U.S. economy grows

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in News