RTTNews | Dec 1, 2021 10:25AM EST

10:24 Wednesday, December 1, 2021 (RTTNews.com) - Shares of AI vision silicon company, Ambarella, Inc. (AMBA) are surging more than 22% Wednesday morning after reporting better-than expected third-quarter earnings. The company also provided fourth quarter revenue outlook, slightly higher than the Street view.

Ambarella posted adjusted earnings of $22.2 million or $0.57 per share in the third quarter, that beat the average estimate of 15 analysts polled by Thomson Reuters at $0.49 per share.

The company had a net profit of $0.8 million or $0.02 per share in the quarter, compared with net loss of $17.1 million, or $0.49 per share, for the same period a year ago.

Revenue for the third quarter increased 64% $92.2 million from $56.1 million last year.

Looking forward to the fourth quarter, revenue is expected to be between $88.5 million and $91.5 million. The consensus estimate stands at $88.22 million.

AMBA touched a new high of $227.59 this morning, before slipping to trade at $219.80 currently.

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