Ambarella Inc (NASDAQ: AMBA) rose on markets Friday after the company reported upbeat quarterly earnings
The company based in Santa Clara, California, reported Thursday that revenue for the fourth quarter of fiscal 2018 was $70.6 million, down 19.3% from $87.5 million in the same period in fiscal 2017.
GAAP net income for the fourth quarter of fiscal 2018 was $1.3 million, or $0.04 per diluted ordinary share, compared with GAAP net income of $18.4 million, or $0.53 per diluted ordinary share, for the same period in fiscal 2017.
Total cash, cash equivalents and marketable securities on hand at the end of the fourth fiscal quarter of 2018 was $434.6 million, compared with $405.4 million at the end of the same quarter a year ago.
Ambarella is projecting revenue between $54.5 million and $57.5 million for fiscal 2019’s first quarter. Gross margin on a non-GAAP basis is expected to be between 60.0% and 62.0, and operating expenses on a non-GAAP basis are expected to be between $30.0 million and $32.0 million
Said CEO Fermi Wang, "At the CES show this year, we continued our history of successfully demonstrating leading edge technology with a focus on a wide range of computer vision applications. We look forward to delivering a deeper insight into our CV capabilities, particularly in the automotive market, at our upcoming Analyst Day on March 28."
Shares in the company rocketed $5.63, or 12.3%, in Friday’s final hour of trading to $51.30.