UPDATE: OmniVision Posts Better-Than-Expected FQ1 Revenue, Issues Upbeat Q2 Revenue Forecast

OmniVision Technologies OVTI reported better-than-expected fiscal first-quarter revenue and issued upbeat revenue forecast for the current quarter. OmniVision's quarterly revenue declined 6.5% to $258 million. Its profit dropped to $2.3 million, or $0.04 per share, versus $42 million, or $0.68 per share, in the year-ago period. Excluding one-time items, OmniVision earned $0.21 per share. Analysts were expecting adjusted earnings of $0.22 per share on revenue of $243.4 million. OmniVision expects Q2 adjusted earnings of $0.21 to $0.37 per share on revenue of $355 million to $390 million. However, analysts were expecting earnings of $0.33 per share on revenue of $270.3 million. OmniVision shares surged 8.93% to $17.33 in after-hours trading.