Ambarella Jumps 11% Following Q1 Results; GoPro Moves In Sympathy
Ambarella Inc (NASDAQ: AMBA) reported Q1 adjusted EPS of $0.34 vs. $0.28 estimate with sales of $57.2 million vs. $57 million estimates. The company also announced a $75 million buyback plan.
"We are pleased with our execution during the first fiscal quarter of 2017, as we introduced our first 14nm IP camera SoC and continued to see strong design win momentum for our new 4K and HEVC SoC families across all market segments," said CEO Fermi Wang.
"While near term headwinds continue in the wearable sports camera market, and we expect some adverse impact to our business caused by the disruption in supply of Sony image sensors to our customers as a result of the April 2016 Japanese earthquake, we remain confident of renewed revenue growth based on our technology leadership, product roadmap and the potential of our current and future markets."
Shares traded down as much as 3 percent off the print, but have more than recovered and recently traded at $47.38, up 11.5 percent in the after-hours session.
GoPro Inc (NASDAQ: GPRO), of which Amabrella is a main supplier, was trading up nearly 4 percent at $11.09 after hours.
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