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What: Shares of InvenSense (NYSE: INVN ) got crushed today, down by as much as 13%, after the company reported earnings and its CEO stepped down.
So what: Revenue in the second quarter came in at $55.3 million, which resulted in net income of $13.7 million, or $0.16 per share. Those figures narrowly missed the consensus estimates of $55.6 million in sales and a $0.17 per share profit. The results were near the midpoint of the company's guidance.
Now what: Founder Steven Nasiri is stepping down as CEO and chairman, although he will remain a director and serve as an executive through the end of the year to make for an easy transition. Nasiri founded InvenSense nearly a decade ago and held the CEO and chairman positions since then. Behrooz Abdi has been appointed as CEO, after serving as a director since last summer.
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