Ambarella climbs after better-than-expected Q4 revenue forecast

Ambarella

26/11/2024 21:54

** Shares of Ambarella  AMBA.O , which makes products used
in video monitoring and driver assistance systems, jump ~22% to
$83.26 after market close
    ** Stock set to open at its highest since August 2023, if
current levels hold through Wednesday
    ** Company expects Q4 revenue to be between $76 mln and $80
mln, above Wall Street estimates of $69.1 mln, data compiled by
LSEG shows
    ** Reports Q3 adj. profit of 11 cents per share, higher than
expectations of 3 cents
    ** "Company-specific factors are more than offsetting broad
market weakness," CEO Fermi Wang says
    ** Strong results helped by growth of its high-priced
artificial intelligence processors, Wang says
    ** Stock has gained ~10% YTD

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))