Ambarella, Inc. (NASDAQ: AMBA) released fiscal third-quarter earnings report after markets closed on Thursday. The company posted $1.11 in earnings per share (EPS) and $100.5 million in revenue. The consensus estimates from Thomson Reuters called for $0.94 in EPS and $97.3 million in revenue. The same period from last year had $1.08 in EPS and $93.2 million in revenue.
Gross margin for the fiscal third quarter was 66.3%, versus 65.9% for the same period in fiscal 2016. This has been more or less in line with the gross margin numbers for the year thus far.
The Board of Directors has authorized an extension of the duration of the current share repurchase plan initially authorized in June 2016, to allow the repurchase of up to an aggregate of $75 million of the company’s ordinary shares through June 2017. So far the company has only spent $20.2 million of the authorization.
On the books, cash, cash equivalents and marketable securities totaled $372.1 million at the end of the quarter, compared with $276.7 million at the end of the same quarter a year ago.
Fermi Wang, CEO of Ambarella, commented:
We are very proud to have achieved more than $100 million in revenue in the quarter, a new milestone. We saw continued revenue growth in IP security, home monitoring and the automotive camera markets, as well as a ramp in revenue from action sports cameras for the holiday season. We were also pleased to enable the introduction of a new generation of products, offering 4Kp60 video performance for the first time.
Shares of Ambarella closed Thursday at $61.39, with a consensus analyst price target of $75.22 and a 52-week trading range of $33.39 to $74.95. Following the release, the stock was initially flat just after the close at $61.49 in the after-hours session.
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