Ambarella beat expectations for revenue and profit

By Liz Moyer

Investing.com -- Ambarella (NASDAQ: AMBA) reported third quarter results that beat expectations.

The maker of products for video security, advanced driver assistance programs and autonomous driving applications reported earnings per share of 24 cents, beating expectations of 20 cents. Revenue for the quarter came in at $83.1 million versus the consensus estimate of $83.02M.

Shares of Ambarella rose 2% in after-hours trading and are down 63% for the year.

Revenue for the quarter was down 10% from last year, and the gross margin was 62.2% compared with 62.5% last year.

The company expects fiscal fourth quarter revenue to be between $81M and $85M, and gross margin to be between 63% and 64%. CEO Fermi Wang said the third quarter results were as expected, citing the challenges of the semiconductor industry's downturn.

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