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: Ambarella stock rises as earnings, outlook top Street view

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Ambarella Inc.
AMBA,
+0.75%

 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
COMP,
-0.09%

has gained 44%.

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