OmniVision Earnings Disappoint

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Santa Clara, Calif.-based OmniVision Technologies (NASDAQ: OVTI  ) shares fell nearly 10% in after-hours trading Thursday, after the camera chipmaker reported fiscal Q1 2014 earnings that fell short of analyst expectations on both the top and bottom lines.

OmniVision reported net profits of $0.42 per share, a nearly 150% increase over last year's $0.17 profit, but $0.01 short of analysts' expected $0.43 profit. Revenues of $373.7 million just missed consensus expectations for $376.6 million.

The fact that sales grew 45% year over year, while profits increased nearly three times as fast, failed to win over investors, however, and guidance appears to be to blame. OmniVision told investors to expect earnings to range anywhere from $0.21 per share, to $0.38 in fiscal Q2, but analysts were predicting a minimum of $0.49 per share in profit. Similarly, OmniVision's promise of revenues ranging from $375 million to $410 million suggests that the company may have difficulty hitting analysts' target of $406 million in revenue.

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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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Related Tickers

11/25/2015 11:13 AM
OVTI $29.18 Up +0.29 +0.99%
OmniVision Technol… CAPS Rating: ****