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What: Shares of InvenSense (NYSE: INVN ) are getting crushed today by as much as 25% after the technology company reported earnings and cut its outlook.
So what: Results in the fourth quarter were mostly in line with expectations, with revenue of $33.1 million and net income of $5.9 million, or $0.07 per share. CEO Steven Nasiri said he's encouraged by the continued adoption of the company's Motion Interface in smartphones and tablets, but InvenSense still had to reduce its guidance.
Now what: Next quarter was originally expected to see revenue in the range of $38 million-$42 million, and InvenSense is ratcheting down the high end of that forecast to $40 million. Nasiri said some important customers were surprised by temporary component shortages in new LTE smartphones, which forced some delays in product releases. Piper Jaffray analyst Gus Richard said the delays stemmed from Qualcomm's yield issues with its new baseband chip, which were discussed during that company's recent earnings release.
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