Ambarella, Inc. (NASDAQ: AMBA) rose Friday after the company reported better-than-expected results for its third quarter on Thursday.
The Santa Clara, Calif.-based Ambarella, a leading developer of low-power and high-resolution human and computer vision solutions, announced revenue for the third quarter of fiscal 2019 was $57.3 million, down 35.7% from $89.1 million in the same period in fiscal 2018.
GAAP net loss for the third quarter of fiscal 2019 was $9.0 million, or loss per diluted ordinary share of $0.28, compared with GAAP net income of $11.7 million, or earnings per diluted ordinary share of $0.34, for the same period in fiscal 2018.
Ambarella is offering the following guidance for the fourth quarter of fiscal year 2019, ending January 31, 2019. Revenue is expected to be $51.0 million plus or minus 3%. Gross margin on a non-GAAP basis is expected to be between 59.0% and 60.5%
In the third quarter of fiscal year 2019, the company repurchased a total of 825,191 shares for total consideration of approximately $30.8 million.
Under the $100.0 million repurchase program that commenced on June 5, 2018, the company has repurchased a total of 1,687,996 shares for total cash consideration of approximately $64.6 million through October 31, 2018.
CEO Fermi Wang said,"We are… very encouraged with our strategy and position at the forefront of the nascent computer vision market. Less than one year after sampling our first computer vision device we continue to achieve major product and market development milestones."
Ambarella shares gained $4.48, or 13.3%, to $38.33 in Friday’s first hour.
