Ambarella stock roared 20% higher Friday as the chip designer reported better-than-expected second-quarter results and issued strong guidance.
Here's how the company did compared to LSEG expectations:
Earnings: 15 cents per share adj. vs 5 cents per share expected
15 cents per share adj. vs 5 cents per share expected Revenue: $96 million vs $90 million expected
Ambarella, which is known for its system-on-chip semiconductors and software used for edge artificial intelligence, said it expects third-quarter revenue between $100 million and $108 million, beating the LSEG estimate of $91 million.
The company boosted its fiscal year revenue growth outlook to a range of 31-35%, to $379 million at the midpoint, which topped the $350 million expected by LSEG.
"After a multi-year period of significant edge AI R&D investment, our broad product portfolio enable us to address a rising breadth of edge AI applications," CEO Fermi Wang said in a call with analysts Thursday.