Just checked Ambarella's latest earnings and it's interesting - the chipmaker beat expectations pretty solidly. They posted $0.13 per share versus the consensus estimate of $0.1, which is a 30% surprise. Revenue came in at $100.87 million, barely edging past estimates by 0.56%. Nothing crazy but consistent with how AMBA has been performing lately.

What caught my eye is that this video-compression chipmaker has now beaten earnings estimates four quarters in a row. That's a solid track record. But here's the thing - AMBA shares are down about 0.8% since the start of the year while the S&P 500 is up 1.5%. So despite beating numbers, the stock's lagging the broader market.

Looking ahead, the consensus is expecting $0.07 per share next quarter on revenues around $96.16 million. For the full fiscal year, they're looking at $0.64 per share and $431.43 million in revenue. The Zacks Rank has AMBA at a Hold rating, which basically means it should track with the market in the near term. The semiconductor industry itself is in the top 32% of sectors, so there's decent tailwinds there. Curious to see if management commentary on the earnings call shifts sentiment, but for now Ambarella looks like it'll move sideways.