Ambarella Pushes Significantly Higher on Earnings Beat - TheStreet

Ambarella Inc. (AMBA) - Get Report   jumped 18% on Friday, November 30, after adjusted earnings in the third-quarter beat Wall Street forecasts.

The Santa Clara, Calif.-based company reported a net loss of 28 cents a share, a reversal from a profit a year earlier. On an adjusted basis, profit was 21 cents a share; analysts were expecting earnings of just 9 cents.

Revenue of $57.3 million also topped analysts $57.1 million estimates. However, the semiconductor company did warn that its short-term, top-line outlook  will face headwinds. 

"The short-term revenue outlook continues to be under pressure as our business shifts away from consumer electronic applications and faces geopolitical and macroeconomic challenges, as we have previously discussed," said Fermi Wang, President and CEO. "We are, however, very encouraged with our strategy and position at the forefront of the nascent computer vision market.

Ambarella's stock has been one of the Nasdaq's worst performers this year, declining more than 40% before Friday's rally.