RTTNews | Sep 1, 2021 10:00AM EDT

10:00 Wednesday, September 1, 2021 (RTTNews.com) - Shares of fabless semiconductor design company Ambarella, Inc. (AMBA) are up more than 19% in the morning trade on Wednesday after reporting upbeat second quarter results. The company provided third quarter revenue outlook, higher than analysts' view.

Ambarella reported net loss of $7.16 million, or $0.20 per share in the second quarter, compared with net loss of $14.76 million, or $0.43 per share in the same quarter a year ago.

Excluding items, income was $13.1 million or $0.35 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.25 per share.

Revenue for the quarter increased 58% year-over-year to $79.33 million. The consensus estimate was for $75.8million.

Looking forward to the third quarter, revenue is expected to be between $88.0 million and $92.0 million. Analysts expect revenue of $78.74 million for the quarter.

AMBA, currently at $123.87, has traded in the range of $46.99- $137.21 in the last 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3222612/ambarella-surges-on-upbeat-quarterly-results-better-revenue-guidance-than-consensus.aspx)

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