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Why Ambarella Stock Soared Today

TheMotleyFool

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Why Ambarella Stock Soared TodayPhoto, wide shot, wide-angle lens, Software company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/70b5df15-67cc-4a1b-af41-3596614daf77.png

Shares of Ambarella (NASDAQ: AMBA) were up 16.5% as of noon EDT Friday, after the video-processing chip specialist announced stronger-than-expected quarterly results.

More specifically for its fiscal second quarter ended July 31, Ambarella's quarterly revenue declined 9.7% year over year to $56.4 million, though it was still above the high end of guidance for a range of $51 million to $53 million. On the bottom line, that translated to adjusted net income of $7.3 million, or $0.21 per share -- down from $0.25 per share a year earlier, but absolutely crushing estimates of $0.02 per share.

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Source Fool.com

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