UPDATE: Ambarella (AMBA) Tops Q1 EPS by 3c, Offers Q2 Guidance, Approves $50M Buyback

Ambarella (NASDAQ: AMBA) reported Q1 EPS of $0.39, $0.03 better than the analyst estimate of $0.36. Revenue for the quarter came in at $64.1 million versus the consensus estimate of $63.48 million.

Based on information available as of today, Ambarella is offering the following guidance for the second quarter of fiscal year 2018, ending July 31, 2017:

• Revenue is expected to be between $69.0 million and $72.0 million
• Gross margin on a non-GAAP basis is expected to be between 62.0% and 63.5%
• Operating expenses on a non-GAAP basis are expected to be between $26.0 million and $27.5 million

(Street sees Q2 revenue of $72.5M )

Stock Repurchase

Ambarella’s Board of Directors previously authorized the repurchase of up to an aggregate of $75 million of the company’s ordinary shares through June 30, 2017. In the first quarter of fiscal year 2018, the company repurchased a total of 162,738 shares for total consideration of approximately $8.77 million. Ambarella has repurchased a total of 567,827 shares from inception of the program for total cash consideration of approximately $29.0 million. While the previously authorized program will continue through June 30th, Ambarella’s Board of Directors has authorized the repurchase of up to an additional $50 million of its ordinary shares over a twelve-month period commencing July 1, 2017. Repurchases may be made from time-to-time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the company's discretion. The repurchase program will be funded using Ambarella's working capita

For earnings history and earnings-related data on Ambarella (AMBA) click here.

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