SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Ambarella Inc. (AMBA) on Thursday reported a loss of $24.3 million in its fiscal first quarter.
The Santa Clara, California-based company said it had a loss of 58 cents per share. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, came to 7 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The video-compression chipmaker posted revenue of $85.9 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $84 million.
For the current quarter ending in July, Ambarella said it expects revenue in the range of $86 million to $94 million.
Ambarella shares have decreased 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $62.28, a rise of 27% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMBA at https://www.zacks.com/ap/AMBA
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