UPDATE: OmniVision FQ2 Profit Drops 50%
OmniVision Technologies (NASDAQ: OVTI) reported a 50% drop in its fiscal second-quarter profit.
OmniVision's quarterly profit fell to $10.3 million, or $0.19 per share, from $21.1 million, or $0.35 per share, in the year-ago period. Excluding special items, the company earned $0.33 per share.
Its revenue surged 79% to $390 million. The company in August had expected earnings of $0.21 to $0.37 per share on revenue of $355 million to $390 million.
For the current quarter, Omnivision expects adjusted earnings of $0.33 to $0.46 per share on revenue of $390 million to $425 million. However, analysts were expecting a profit of $0.35 per share on revenue of $365 million.
Its gross margin declined to 16.6% from 30.6%.
OmniVision shares dropped 0.57% to $15.80 in after-hours trading.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.