Ambarella, Inc. (AMBA - Free Report) just released its latest quarterly financial results, posting adjusted earnings of $0.13 per share and revenues of $56.9 million.

Currently, AMBA is a Zacks Rank #3 (Hold), but that could change based on today’s results. Shares of the company have dipped slightly over the past month, including a 0.3% loss during regular trading hours today.

The stock is currently up 2.1% to $50.41 per share in after-hours trading shortly after its earnings report was released.

Ambarella:

Beat earnings estimates. The company posted non-GAAP earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.09. Investors should note that this consensus projection has remained stagnant over the duration of the quarter.

Beat revenue estimates. The company saw revenue figures of $56.9 million, just edging out our consensus estimate of $56.23 million. Total revenue was down 11.2% year over year.

Gross margin on a non-GAAP basis was 61.8%, down from 64.3% in the year-ago period. GAAP gross margin was 61.3%, down from 63.9% last year.

GAAP net loss in the quarter was $10.0 million, or $0.30 per share. That compares to GAAP net income of $2.6 million, or $0.07 per share, in the prior-year period.

“We continue to successfully achieve our target milestones in the rollout of our new computer vision technology,” said CEO Fermi Wang. “We are encouraged by the feedback received by customers in the security and automotive markets and believe that our investment in computer vision technology will bring new opportunities for growth.”

Ambarella expects Q2 revenue to fall in the range of $60.0 million to $64.0 million. Prior to today’s report, our latest consensus estimate was calling for Q2 revenue of $68.8 million.

Here’s a graph that looks at Ambarella’s recent earnings performance:

Ambarella, Inc. Price, Consensus and EPS Surprise

Ambarella, Inc. Price, Consensus and EPS Surprise | Ambarella, Inc. Quote

Ambarella, Inc. develops video compression and image processing semiconductors. The company's products are used in digital still cameras, digital camcorders, and video-enabled mobile phones. Ambarella sells its solutions to original design manufacturers and original equipment manufacturers. Its technology is also used in television broadcasting infrastructure systems.