SANTA CLARA, CA-based Ambarella (NASDAQ:AMBA) revealed its results for its third fiscal quarter after the market close on Thursday December 1, 2016, as it reported non-GAAP earnings of $1.11 per share or $38.4 million on $100.5 million in sales, in contrast analysts had earnings outlook of 94 cents per share on $93.7 million in revenue.

Last year in the similar period, Ambarella Inc. (NASDAQ:AMBA) posted non-GAAP net income of $1.08 per share or $36.6 million over $93.2 million in revenue.

However company’s GAAP net income dropped to 84 cents per share or $29 million from 87 cents per share or $29.5 million year over year.

The Chip-makers non-GAAP gross margin surged to 66.3% from 65.9% year over year, while its GAAP gross margin surged to 66% from 65.7% year over year.

“We are very proud to have achieved more than $100 million in revenue in the quarter, a new milestone,” said Ambarella Chief Executive Fermi Wang in a statement. “We saw continued revenue growth in IP security, home monitoring and the automotive camera markets, as well as a ramp in revenue from action sports cameras for the holiday season. We were also pleased to enable the introduction of a new generation of products, offering 4Kp60 video performance for the first time.”

Looking ahead Ambarella predicts its revenue in the current quarter to come in between $84 million and $87 million. It expects a non-GAAP gross margin of 64% to 65.5% and non-GAAP operating expenses of $25.5 million to $27 million.

Furthermore The Technology sector firm’s board of directors approved an extension of the current share buyback plan, which was sanctioned originally in June. Ambarella (AMBA) now is authorized to buy-back up to $75 million worth of shares through June 30, 2017.