OmniVision Technologies Drops 14% After Q2 Results
OmniVision Technologies (NASDAQ: OVTI) is down more than 14 percent in after hours trading after the firm announced its second quarter results.
The company reported a Q2 EPS of $0.60 versus the Street estimate of $0.43.
Earnings per share were up 82 percent from the year-ago period.
Revenue arrived at $397.2 million versus the Street estimate of $392.26 million. Sales were up two percent year-over-year.
"In the second quarter of fiscal 2014, OmniVision grew revenues in the midst of a slowing smartphone market and intensifying competition," Shaw Hong, CEO of OmniVision Technologies, said in a company release.
"We are happy to report sequential improvements in our gross margin, cash, as well as inventory turns. We are also excited about the recent launch of our next generation PureCel sensors. While end-market demand remains volatile, our scale, technology and product portfolio should position us well to weather such volatility over the coming years."
This is not the first time that investors have reacted negatively to OmniVision's earnings results.
In August, investors responded to the firm's Q1 report by abandoning the stock. The company's shares plummeted more than nine percent.
In November the company announced a new 13MP image sensor for smartphones and tablets.
Over the last 30 days, OmniVision shares have gained nine percent, indicating that investors had responded favorably to the news.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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