Ambarella released its latest earnings report after closing bell tonight, posting non-GAAP earnings of $1.11 per share or $38.4 million on $100.5 million in sales. Analysts had been expecting earnings of 94 cents per share on $93.7 million in revenue. In last year’s third quarter, the company reported non-GAAP net income of $1.08 per share or $36.6 million and $93.2 million in revenue.
Ambarella’s net income falls
The company’s GAAP net income fell to 84 cents per share or $29 million from 87 cents per share or $29.5 million in the year-ago quarter. Ambarella’s non-GAAP gross margin rose to 66.3% from 65.9% in the year-ago quarter, while its GAAP gross margin rose to 66% from 65.7% in last year’s third quarter.
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“We are very proud to have achieved more than $100 million in revenue in the quarter, a new milestone,” said Ambarella Chief Executive Fermi Wang in a statement. “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.”
Ambarella guides for fourth quarter
Ambarella said it expects its revenue for the fourth quarter to come in between $84 million and $87 million. It projects a non-GAAP gross margin of 64% to 65.5% and non-GAAP operating expenses of $25.5 million to $27 million.
The company’s board of directors authorized an extension of the current share buyback plan, which was authorized initially in June. Ambarella now is authorized to buy back up to $75 million worth of shares through June 30, 2017. As of Dec. 1, the company had repurchased 405,089 shares for a total of $20.2 million. It did not buy back any of its shares under the program in the third quarter, which ended on Oct. 31.
Shares of Ambarella stock initially pulled back in after-hours trade, falling by around 3% before bouncing. As of this writing, the shares are up 1.65% at $62.40