Ambarella (AMBA) reported first-quarter fiscal 2016 earnings after the closing bell on Tuesday. Earnings per share came in at $0.71, beating the $0.59 analysts polled by Thomson Reuters were looking for. The company earned $0.25 during the same quarter last year. As for sales, Ambarella reported revenue of $71 million, ahead of the consensus estimate of $67.4 million and significantly ahead of last year’s $41 million. The company had $235.2 million in cash on-hand during the quarter, up from $155.6 million during the same quarter last year. ‘We enjoyed a strong first quarter with revenue up 73.5 percent from the same period last year,’ said Fermi Wang, president and CEO of Ambarella. ‘In addition to continued growth from our existing wearable, IP security and automotive video recorder camera markets, we see increased activity across a wide range of home monitoring cameras including models by U.S. service providers, as well as from quadcopters or flying cameras. We look forward to continued success, as we enable the next generation of intelligent HD and Ultra HD cameras.’ TheStreet’s Scott Gamm reports from New York.
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