Ambarella beats by $0.04, beats on revs; guides Q3 revs in-line
- Reports Q2 (Jul) earnings of $0.48 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.44; revenues rose 10.0% year/year to $71.63 mln vs the $70.79 mln Capital IQ Consensus.
- Gross margin on a non-GAAP basis for the second quarter of fiscal 2018 was 63.0%, compared with 67.1% for the same period in fiscal 2017. For the six months ended July 31, 2017, non-GAAP gross margin was 63.6%, compared with 66.0% for the six months ended July 31, 2016.
- This compares to guidance for between 62.0% and 63.5%
- Co issues in-line guidance for Q3, sees Q3 revs of $87.5-90.5 mln vs. $88.95 mln Capital IQ Consensus Estimate; Gross margin on a non-GAAP basis is expected to be between 62.0% and 63.5%
- "During the second quarter, we had solid growth from IP security, both from professional and home monitoring camera markets. We also continued to see growth in our OEM auto business, with strong design win activity and revenue from OEM auto video recorders," said Fermi Wang, CEO of Ambarella. "We continue to invest in the technologies required to deliver future generations of highly intelligent, HD and Ultra HD cameras with particular emphasis on high performance computer vision functionality. We see computer vision as a key differentiator for us in camera markets, including automotive, IP security, drones and robotics, and it is our key area of focus for the future," he said.
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