UPDATE: Ambarella Beats Q4 Views

reported upbeat results for the fourth quarter on Tuesday. The Santa Clara, California-based company posted quarterly net income of $17.7 million, or $0.53 per share, up from $5.5 million, or $0.18 per share, in the year-ago period. Non-GAAP net income surged to $0.68 per share from $0.26 per share. Its revenue climbed 61.9% y/y to $64.7 million from $40.0 million. However, analysts were expecting earnings of $0.49 per share on revenue of $59.38 million. GAAP gross margin widened to 64.1% in the latest quarter from 64.0%, while gross margin on a non-GAAP basis rose to 64.3% from 64.1%. At the end of the fourth fiscal quarter, total cash, cash equivalents and marketable securities on hand was $208.0 million, up from $143.4 million at the end of the year-ago quarter. Fermi Wang, president and CEO said, "Our strong fourth quarter and fiscal year results reflect the steady expansion of our product offerings and customer growth across our core markets, as well as early growth in new markets…We look forward to driving continued innovation in the year ahead." Ambarella shares fell 0.24% to $62.90 in the after-hours trading session.