UPDATE: Ambarella (AMBA) Tops Q1 EPS by 6c; Approves $75M Stock Buyback
Ambarella (NASDAQ: AMBA) reported Q1 EPS of $0.34, $0.06 better than the analyst estimate of $0.28. Revenue for the quarter came in at $57.2 million versus the consensus estimate of $57.01 million.
Gross margin under U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2017 was 64.2%, compared with 64.7% for the same period in fiscal 2016.
Ambarella also announced that its Board of Directors has authorized the repurchase of up to $75 million of its ordinary shares over a six month period commencing in the second quarter of fiscal 2017. Repurchases under the program may be made from time-to-time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the company’s discretion. The repurchase program will be funded using Ambarella’s working capital and any repurchased shares will be available for general corporate purposes.
For earnings history and earnings-related data on Ambarella (AMBA) click here.