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SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Ambarella Inc. (AMBA) on Tuesday reported a loss of $24.1 million in its fiscal third 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 11 cents per share.
The results exceeded 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 $82.7 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $79 million.
For the current quarter ending in January, Ambarella said it expects revenue in the range of $76 million to $80 million.
Ambarella shares have increased 11% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $68.19, a rise of 23% 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