RTTNews | Nov 24, 2020 10:06AM EST

10:06 Tuesday, November 24, 2020 (RTTNews.com) - Shares of AI vision silicon company Ambarella, Inc. (AMBA) are climbing more than 8% Tuesday morning on stronger-than-expected third quarter results. The company also provided fourth quarter revenue guidance better than analysts' view.

The stock touched a new high of $75.60 this morning.

Net loss for the third quarter was $17.1 million, or $0.49 per share, compared with net loss of $4.3 million, or $0.13 per share, for the same period a year ago.

Earnings on an adjusted basis of $0.09 per share beat the average estimate of analysts polled by Thomson Reuters at $0.05 per share.

Revenue for the third quarter of fiscal 2021 was $56.1 million, down 17.4% from $67.9 million in the same period in fiscal 2020.

For the fourth quarter, revenue is expected to be between $56.0 million and $60.0 million. The consensus estimate stands at $52.31 million.

"Our AI vision portfolio is well positioned for the megatrends around security, safety and automation, and the pandemic appears to be accelerating the digital transformation," said Fermi Wang, President and CEO.

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