Why Ambarella Stock Soared Today

Shares of Ambarella (NASDAQ: AMBA) have soared today, up by 13% as of 12:05 p.m. EST, after the company reported third-quarter earnings that topped expectations. Ambarella also issued strong guidance for the fourth quarter.

Revenue in the fiscal third quarter came in at $56.1 million, which was ahead of the $54.1 million that analysts were modeling for. That translated into adjusted net income of $3.3 million, or $0.09 per share, also topping the consensus estimate of $0.05 in adjusted profits. The vision processor technology company expanded adjusted gross margin from 58.1% a year ago to 62.7%.

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Source Fool.com