Ambarella (AMBA.US) stock skyrocketed 25% after the semiconductor producer posted better than expected quarterly results. The company earned 57 cents per share, well above analysts' estimates of 8 cents per share. Revenue came in at $92.2 million compared to market projections of $90.3 million, helped by strong sales of its computer-vision chips. Ambarella's third-quarter results marked the company's fourth straight quarter of accelerating sales and earnings growth on a year-over-year basis. Chipmaker expects fiscal 2022 fourth-quarter revenue between $88.5 million and $91.5 million, gross margins between 63% and 64%, and operating expenses between $39 million and $41 million. "Our operational execution remains strong, yet supply dynamics remain difficult to predict, as shortages of other companies' components has become a more significant and gating factor to our results and outlook," Chief Executive Fermi Wang said in a statement. Following upbeat figures and guidance, analysts at Deutsche Bank, KeyBanc, and other firms raised their price targets.
Ambarella (AMBA.US) stock launched today's session sharply higher and hit a new all-time high at $227.70 which coincides with upper limit of the ascending channel and 161.8% external Fibonacci retracement of the last downward wave. Source: xStation5
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