Ambarella (AMBA) reported earnings Thur 1 Sept 16 (a/h)

** charts before earnings **

** chart after earnings **

Ambarella beats by $0.16, beats on revs; guides Q3 revs in-line; reaffirms FY17 revs guidance:

• Reports Q2 (Jul) earnings of $0.54 per share, $0.16 better than the Capital IQ Consensus of $0.38; revenues fell 22.7% year/year to $65.1 mln vs the $64.42 mln Capital IQ Consensus. 
  • Gross margin on a non-GAAP basis for Q2 was 67.1%, compared with 65.3% for the same period in fiscal 2016
• Co issues in-line guidance for Q3, sees Q3 revs of $95-99 mln vs. $95.74 mln Capital IQ Consensus; Gross margin on a non-GAAP basis is expected to be between 63.5% and 65.0%.
• Co reaffirms guidance for FY17, sees FY17 revs flat to down 5% to ~$300.6-316.4 mln vs. $310.78 mln Capital IQ Consensus Estimate. 
• During the second quarter, Ambarella repurchased a total of 405,089 shares in the open market for total cash consideration of ~$20.2 million or $49.80 per share. 
• AMBA is a GoPro (GPRO) supplier.