Naz News, Gappers and FLE's

[m177]

AMBA : (Reuters) - Video-processing chip maker Ambarella Inc (AMBA.O) reported better-than-expected quarterly results on higher demand from wearable sports camera makers such as GoPro and forecast current-quarter revenue largely above analyst expectations, sending its shares up 7 percent after the bell.

The company, which gets more than three-fourths of its revenue from the camera market, forecast second-quarter revenue of $34.5 million to $37.5 million. Analysts were expecting $34.7 million, according to Thomson Reuters I/B/E/S.

Ambarella's chips enable consumers to quickly stream or upload video and images to social media platforms.

The company, which also makes chips for broadcasters, said net profit rose to $4.7 million, or 16 cents per share, in the first quarter ended April, from $2.6 million, or 7 cents per share, a year earlier. Excluding items, the company earned 21 cents per share.

Revenue rose 31 percent to $33.9 million.

Analysts had expected earnings of 15 cents per share on revenue of $31.9 million.

The Santa Clara, California-based company's shares closed at $16.19 on the Nasdaq on Tuesday. They have more than doubled since it went public in October.

http://www.reuters.com/article/2013/06/04/us-ambarella-results-idUSBRE95317X20130604?feedType=RSS&feedName=globalMarketsNews&rpc=43